MSC Industrial Supply is suddenly on an acquisition streak.
The metalworking and MRO supplies distributor announced Aug. 3 that it has acquired Tower Fasteners, a Holtsville, New York-based distributor of OEM fasteners and components.
It’s MSC’s third bolt-on in the past 14 months after previously going three years without one. This past June 3, MSC announced the addition of metalworking supplier Engman-Taylor in Menomonee Falls, Wisconsin.
The metalworking and MRO supplies distributor announced June 3 that it has acquired Engman-Taylor — a highly-regarded metalworking tools and supplies distributor based in the Milwaukee, Wisconsin-area suburb of Menomonee Falls. One year prior, MSC announced its acquisition of fellow metalworking distributor Wm. F. Hurst Co. in Wichita, Kansas.
Tower has approximately 100 associates and operates eight distribution centers along the U.S. East Coast and Southwest regions, along with a presence in Mexico and Europe. With approximately $35 million in 2021 revenue, Tower serves manufacturing customers in the industrial, electronics, medical equipment, aerospace, military and security, fire and safety sectors.
“We are excited to add Tower Fasteners to our growing portfolio of businesses, all focused on helping manufacturers solve their mission-critical challenges,” MSC President and CEO Erik Gershwind said in a news release. “Tower will expand our presence in the OEM fastener market and provide an entrée into new end markets like electronics and medical equipment. We look forward to supporting the growth and success of their customers together.”
“Tower’s geographic footprint on the East Coast and in the Southwest complements our strong presence in the Midwest,” AIS President Nick Ruetz added. “AIS and Tower have worked together on industry-related matters for many years. We’re looking forward to partnering to expand our reach in serving OEM customers and extending MSC’s full array of solutions to improve the effectiveness and efficiency of their operations.”
MSC said it plans to maintain Tower’s operations and provide the company access to MSC’s 2-million-plus product portfolio, while also extending Tower’s production fastener solutions to MSC manufacturing customers.
MSC expects the acquisition to be roughly neutral to its 2023 fiscal earnings, with its 2023 fiscal calendar beginning Sept. 4.
“MSC is a recognized and respected leader in the industrial supply distribution industry,” said Mark Shannon, President of Tower Fasteners. “We’re excited to join forces with MSC and AIS to bring even greater value to our customers.”