SBP Holdings, Dallas, Texas, this week announced it has acquired Kenco Hydraulics and subsidiaries. Financial terms of the deal weren’t disclosed.
Kenco Hydraulics, which provides sales and repair services for all types of hydraulic products, will operate within the fluid power/automation platform (Dakota Fluid Power) for SBP Holdings. This platform is the third business vertical within the holding company, along with its Industrial Rubber vertical (Singer Equities) and its Rigging and Rental vertical (Bishop Lifting Products).
With this acquisition, SBP Holdings will increase its North America footprint to approximately 100 locations with more than 1,300 employees.
Kenco Hydraulics was established in 1989 by Ken Veit, the company’s president. The business operates from a single location in Hatfield, Pennsylvania, with close to 20 employees. Veit will continue to manage the Kenco Hydraulics operation and plans to “expand the enterprise through organic growth and cooperation with other SBP Holdings companies,” SBP said in a release.
“We are truly excited about teaming up with Ken and the team at Kenco Hydraulics to continue to expand our fluid power offering and geographic footprint,” said SBP CEO Craig Osborne. “Fluid Power continues to be a large addressable market with tremendous opportunity for growth and there is no question we have a solid base and the ability to expand.”
Added Rick Lindemann, president of Dakota Fluid Power: “We are looking forward to having Kenco Hydraulics join our Fluid Power group. Their reputation and business model of providing quality parts and service to their customers, aligns very well with Dakota Fluid Power.”
And Veit commented, “I feel strongly that we have teamed up with the right group to continue Kenco Hydraulics tradition of supporting customers in the Pennsylvania and New Jersey markets and beyond. We have a current relationship with companies within the SBP Holdings group and we look forward to expanding that over time.”