PrimeSource acquires supplier of fastening tools and fasteners | Woodworking Network

2022-08-31 08:43:42 By : Mr. Raphael Zeng

Clearlake Capital Group is an investment firm that owns a variety of companies, including PrimeSource Brands of specialty branded residential building products.

IRVING, Texas, SANTA MONICA, Calif., SCHAUMBURG, Ill. – PrimeSource Brands, a North American provider of specialty branded residential building products acquired Axxis LLC, a provider of fastening tools and collated fasteners.

PrimeSource Brands is a national provider of specialty branded residential building products with more than 60,000 SKUs, including construction fasteners, cabinet knobs & pulls, and fence & gate hardware. The transaction is PrimeSource’s fourth acquisition under the ownership of Clearlake Capital Group L.P., a Texas-based investment firm. Financial terms were not disclosed.

Axxis, which goes to market under the Complete and KlinchPak brands, primarily serves distribution and packaging houses that are part of the Specialty Tools & Fasteners Distributors Association (STAFDA).  The combination with Axxis further enhances PrimeSource’s portfolio of branded fasteners and related fastening tools. 

Carl Schneider, CEO of Axxis, will remain involved as part of the PrimeSource team focused on accelerating Axxis’ growth.

“We look forward to enhancing our pneumatic fastener portfolio with the acquisition of Axxis, which will provide both a broader offering to existing customers and entrée to new customer segments for PrimeSource,” said Tom Koos, president, and CEO of PrimeSource. “We remain committed to delivering the broadest array of value-added products and services to our increasingly diversified customer base.”

“We are excited to join the PrimeSource team, and we look forward to leveraging the strengths of their operational expertise to expand and grow the excellent products and services our customers have come to expect from Axxis,” said Schneider. “This is a milestone to be celebrated and we look forward to the next chapter of growth with PrimeSource.”

“The acquisition of Axxis represents another successful milestone in our strategy to aggressively grow PrimeSource into a scale branded specialty building products platform,” said José E. Feliciano, Co-Founder and Managing Partner, and Colin Leonard, Partner, of Clearlake. “PrimeSource continues to benefit from the favorable residential construction market environment, and we remain excited about the Company’s ongoing momentum as a consolidator in this space.”

“This transaction further enhances PrimeSource’s sales and service offering by adding depth to the Company’s product catalog and expanding its customer reach,” said Ben Kruger, Senior Vice President of Clearlake. “We look forward to leveraging our O.P.S. framework to integrate the platforms and continue driving accelerated growth through both organic and inorganic initiatives.”

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