VANCOUVER, British Columbia (November 3, 2015) – The JET Group is pleased to announce the acquisition of Sellstrom Manufacturing Co., a leading U.S. brand of PPE (Personal Protective Equipment) safety products based in Schaumburg, Illinois. Terms of the transaction were not disclosed.
The acquisition of Sellstrom significantly broadens the JET Group’s Canadian safety portfolio by adding several categories of professional PPE products to complement its existing Pioneer®, Ranpro® safety apparel and PeakWorks® fall protection brands. It also offers the JET Group a solid safety foundation with significant opportunities for expansion and growth within the United States and globally.
“We see tremendous upside for our Sellstrom U.S. and International customers as a result of the acquisition”, stated David Peters, President of Sellstrom. “By continuing to build out our PPE safety program, along with expanding our offering to potentially include an extensive portfolio of complementary JET Group premium brands, we open a whole new window of opportunity for our distribution partners around the globe.”
Chris Baby, President and COO of the JET Group noted that “Sellstrom offers our group the product line, expertise, and technical knowledge required to service the critical North American safety markets and beyond. Similarly, the JET Group offers Sellstrom several benefits including additional resources and financial capacity. These benefits will allow the Sellstrom brand to further capitalize on its legacy of outstanding product innovation, customer service and growth. This product range addition will also benefit our Canadian customer base tremendously and delivers on our promise to our distribution partners of expanding our Canadian safety portfolio to include a full range of PPE products.”
Sellstrom will continue to be headquartered in Illinois.
About JET Group
The JET Group, based in Vancouver, Canada consists of several leading brands servicing the professional tool, equipment and safety markets including: JET®, Strongarm, ITC®, STARTECH®, Pioneer®, Ranpro® and PeakWorks® in Canada, and American Forge & Foundry® in the U.S. The JET Group operates an unparalleled delivery system to the Canadian industrial, construction, safety, welding and automotive markets through its six warehouses, large corporate sales force and loyal distribution network coast-to-coast. The JET Group is owned by Penfund, one of Canada’s oldest independent private equity firms.
Sellstrom is a 92 year old, well-established brand of PPE products based in Illinois with sales in several countries globally. Sellstrom has assembled an extremely talented team of professionals who have developed an impressive portfolio of premium quality products including: head, eye, face, hearing and arc-flash PPE products, welding helmets, curtains and blankets, industry leading MonitorTM germicidal cabinets,; Gravit-EyeTM portable eye-wash stations, and the Sellstrom/RTCTM brand of fall protection equipment.
Penfund, a leading Canadian private equity firm located in Toronto, specializes in providing junior capital to middle market companies throughout North America. The firm is owned by its management team and is currently investing its most recently established fund, Penfund Capital Fund V. Penfund manages funds sourced from Canadian pension funds, insurance companies, banks, family offices and high-net-worth individuals and has invested more than $2.7 billion in over 225 companies since its establishment in 1979. Assets and capital under management presently amount to about $900 million.
FOR FURTHER INFORMATION PLEASE CONTACT:
Richard Bradlow, Partner
Bill Jeffery, VP Corporate Development