Here is the MiBiz Growth Report for April 3, 2017.
• M&A: Industrial and fastener distributor Manufacturer’s Supply Co. has signed an agreement to sell certain assets to Winona, Minn.-based Fastenal Co. (Nasdaq: FAST). Fastenal expected to close on the deal for Manufacturer’s Supply, or Mansco, at the end of March, after this report went to press. Terms of the deal were not disclosed. Hudsonville-based Mansco generated roughly $50 million in sales in 2016 from locations in Michigan, Alabama and Texas. It was founded in 1928. President Jim Mol has operated Mansco for the last 25 years. Mansco supplies a range of fastener products “with a particularly strong market position with commercial furniture OEMs,” a market to which Fastenal “has not meaningfully contributed in the past.”
Blackford Capital has entered the hotel business through a new acquisition under its National Growth Practice.