Fastenal acquires vending partner’s assets
In an 8-K filing with the Securities and Exchange Commission, Fastenal Company reported that it has purchased certain assets of Apex Industrial Technologies LLC (Apex).
Fastenal and Apex have worked together since 2008 to develop a vending delivery platform solution in the industrial and commercial marketplace.
According to Fastenal, Apex created and developed the software, designed the equipment, and built the vending equipment supply chain. Fastenal said its contribution to the project is its expertise and brining the platform to market.
Since the collaboration, more than 105,000 devices have been placed in the market across 23 device types in 25 countries. Fastenal said the vending machines generated more than $1.1 billion in sales in 2019.
The transaction includes use of key patents, designs, software, and licenses along with direct access to the supply chain, Fastenal said in its filing. Terms of the deal were not disclosed.
“Fastenal’s founder, Bob Kierlin, conceived of industrial vending at the company’s inception in 1967,” Fastenal President and CEO Dan Florness said. “Our relationship with Apex in 2008 helped to make the industrial vending solution scalable. This transaction allows both organizations to move forward with their unique strategic plans while still providing an avenue for additional collaboration.”
Apex’s Founder and CEO, Kent Savage, said, “Our collaboration with Fastenal has created a world-wide best practice for distributing MRO materials. Fastenal's adoption and deployment of automated dispensing technology combined with its singular fulfillment capabilities deliver tremendous efficiencies, productivity, and cost-savings to its customers every day.”
Based in Winona, Minn., Fastenal posted net sales of $5.33 billion in 2019.
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Fastenal and Apex have worked together since 2008 to develop a vending delivery platform solution in the industrial and commercial marketplace.
According to Fastenal, Apex created and developed the software, designed the equipment, and built the vending equipment supply chain. Fastenal said its contribution to the project is its expertise and brining the platform to market.
Since the collaboration, more than 105,000 devices have been placed in the market across 23 device types in 25 countries. Fastenal said the vending machines generated more than $1.1 billion in sales in 2019.
The transaction includes use of key patents, designs, software, and licenses along with direct access to the supply chain, Fastenal said in its filing. Terms of the deal were not disclosed.
“Fastenal’s founder, Bob Kierlin, conceived of industrial vending at the company’s inception in 1967,” Fastenal President and CEO Dan Florness said. “Our relationship with Apex in 2008 helped to make the industrial vending solution scalable. This transaction allows both organizations to move forward with their unique strategic plans while still providing an avenue for additional collaboration.”
Apex’s Founder and CEO, Kent Savage, said, “Our collaboration with Fastenal has created a world-wide best practice for distributing MRO materials. Fastenal's adoption and deployment of automated dispensing technology combined with its singular fulfillment capabilities deliver tremendous efficiencies, productivity, and cost-savings to its customers every day.”
Based in Winona, Minn., Fastenal posted net sales of $5.33 billion in 2019.
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