JGB Enterprises Inc. — a Liverpool, New York-based hose and fluid power distributor that’s backed by the private equity firm HCI Equity Partners — this week announced it has completed its first add-on acquisition with the addition of Toronto-based Industrial, Petroleum and Mining Supplies Ltd., d/b/a HosePower Canada. Financial terms of the deal weren’t disclosed.
IPM is a distributor of hydraulic, industrial and propane hose, fittings and accessories. The company has six locations across Canada and serves more than 3,000 customers across a variety of end markets including forestry, mining, construction, agricultural and diversified industrials.
JGB said the “acquisition of IPM provides JGB entry into the attractive Canadian market and access to a complementary product portfolio and service capabilities.”
“IPM is a market-leading distribution platform in an industry where JGB has extensive experience and success, and we believe it represents a compelling opportunity to drive operating improvements and geographic expansion,” said Kevin Kilkelly, president of JGB Enterprises.
Added Doug McCormick, HCI managing partner: “IPM is an exciting acquisition that will accelerate JGB’s growth while also expanding the company’s ability to serve its customers with a robust line of industrial and hydraulic products. We look forward to supporting the JGB team with additional capital as it continues to execute its acquisition growth strategy.”