Private equity firm sells Senco
Rosemont, Illinois-based Wynnchurch Capital announced that it has completed the sale of Senco Holdings Inc. to Kyocera Corporation, a supplier of cutting tools, industrial ceramics, electronic components, printers, copiers, solar power generating systems, mobile phones and semiconductor packages.
Terms of the deal were not released.
Based in Cincinnati, Senco is a designer, manufacturer and marketer of branded fastening tools and collated staples, nails and screws. Wynnchurch acquired the 60-year-old Senco brand in July 2009.
Frank Hayes, co-managing partner at Wynnchurch, said: "Senco represented an opportunity to rejuvenate a company with a strong brand, broad distribution, and differentiated products. We are very proud and appreciative of the team’s leadership and accomplishments; significant value creation was driven through improved operational and go-to-market strategies, while also executing on key strategic add-ons."
Steve Welborn, managing director at Wynnchurch, added, "Senco is an iconic brand in the Pro-Trades channels. We are delighted to have worked closely with the management team in restoring its legacy, and are proud of the growth and accomplishments achieved in partnership with management during our ownership period."
Senco products are used in a variety of professional fastening segments — home construction/remodeling, furniture, manufactured housing, pallets/crating — Senco products are available through professional distribution outlets in more than 40 countries.
Lincoln International LLC acted as the exclusive financial advisor and Vedder Price acted as legal advisor to Senco and Wynnchurch in the sale process.
