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Grainger on Tuesday announced it has entered into a definitive agreement to sell Fabory Group to Torqx Capital Partners, a Dutch private equity company. Financial terms of the deal weren’t disclosed.
Grainger, which acquired Fabory in 2011 for $344 million, will continue offering broad line MRO products to customers in Western Europe through Cromwell and Zoro.
"I want to thank the Fabory team for their innovative and customer-focused approach," said DG Macpherson, chairman and CEO of Grainger. "I'm confident the acquisition by Torqx will better align with Fabory's growth objectives. At the same time, Grainger remains focused on providing value to our customers, executing our strategy and delivering profitable growth through our high-touch and endless assortment offerings."
Harmen Geerts, managing partner of Torqx, said: "Based on our extensive experience and strong track record with technical distribution businesses, we see a strong fit between Fabory and Torqx. We can help the company to strengthen its position as leading fastener specialist in its core markets and achieve its full potential."