August 15, 2013
LockeBridge, a Boston based middle market investment bank announced today that it has acted as the exclusive advisor to Toolmex Industrial Solutions in its acquisition of Coast Tool Company. Toolmex, located in Massachusetts, distributes industrial metalworking tools, machines, and electric motors for the manufacturing industry. Coast Tool, located in Northern California, is a specialty distributor of metal working and industrial supplies.
Mr. Ark Kielb, CEO and President of Toolmex, states: “We had been searching for a strategic acquisition, without success, for quite some time prior to engaging LockeBridge. LockeBridge focused on concisely identifying our specific criteria including such requirements as location, product mix, distribution channel and size. They brought us several opportunities and advised us throughout the process, from deal structuring, taxation and legal issues to financing and debt leverage. Equally as important, they gave their honest appraisal of each acquisition candidate without bias. While the LockeBridge transaction and vertical expertise is impressive, it was an unexpected pleasure to work a banker that put our needs first.”
Scott Hansen, Managing Director at LockeBridge states: With offices in MA, IL and now CA and a product mix with a significant amount of industrial consumables, the acquisition of Coast Tool meets Toolmex’s stated criteria of furthering their national footprint while increasing their mix of industrial supplies. We look forward to working with Toolmex again as they search for their next acquisition in their effort to continue growing their national presence.