Grainger Announces Agreement to Divest Fabory
CHICAGO, June 2, 2020 /PRNewswire/ -- Grainger (NYSE: GWW), the leading broad line supplier of maintenance, repair and operating (MRO) products serving businesses and institutions, today announced it has entered into a definitive agreement to sell Fabory Group (Fabory) to Torqx Capital Partners, a Dutch private equity company.
Grainger 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, commented: "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."
The transaction is not subject to any financing condition but is subject to the standard regulatory approvals. This deal is expected to close in the coming months.
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W.W. Grainger, Inc., with 2019 sales of $11.5 billion, is North America's leading broad line supplier of maintenance, repair and operating (MRO) products, with operations primarily in North America, Japan and Europe.
About Torqx Capital Partners
Torqx Capital Partners is a Benelux-based private equity company that invests in medium-sized companies with significant value creation potential. Situations include growth-, buy-and-build-, performance improvement-, turnaround- and transformational investments across a range of industries including manufacturing, distribution and services. Torqx acquires majority positions based on a partnership with co-shareholders and management teams, offering the companies smart capital, network, expertise and talent to support implementation of their plans and achieve their full potential. The Torqx team consists of 12 highly experienced and skilled professionals who look beyond spreadsheets and understand what it takes to build businesses and increase momentum. Torqx currently invests out of a € 150 million fund backed by reputable international institutional investors and the Torqx team itself. For more information please visit www.torqxcapital.com
Fabory is a leading specialist supplier of fasteners and fastener related products in the Benelux with a pan-European presence. Fabory sources a broad assortment of high quality and mission-critical fasteners from suppliers worldwide and distributes to over 60,000 customers throughout Europe. Its client base ranks from blue chip to SME across various end markets, including machine building, electrical appliances, automotive and construction. With its broad one-stop-shop offering of over 400,000 products, Fabory combines a deep technical knowledge with smart inventory management solutions and a high degree of availability to provide its customers with efficient and convenient fastener related solutions. Fabory employs c. 1,100 FTE. For more information please visit www.fabory.com.
SOURCE W.W. Grainger, Inc.