Caxton-Iseman Capital LLC, a New-York-based private equity firm, has acquired Conney Safety Products, LLC, Madison, WI, a full service national distributor of personal protective equipment, safety equipment, first aid supplies, and various other safety products, from K+K America Corporation.   ; The transaction has a value of $48 million.   ; The company's strong track record positions it to leverage its excellence by expanding into new markets, offering new products, and reaching out to new customers," added Thomas Ritchie, vice president at Caxton-Iseman Capital. "The industrial products distribution space remains highly fragmented, and we believe that our support will enable Conney to be an active participant in current and future consolidation through add-on acquisitions."   ; Caxton-Iseman recently acquired Valley National Gases, LLC, independent distributor of industrial, specialty and medical gases in the U.S.