Exit of ECM Follows 2018 Sale of Power Products Division to Brunswick Corporation
SAN FRANCISCO, December 23, 2019 — Genstar Capital, a leading private equity firm focused on investments in targeted segments of the financial services, healthcare, industrial technology, and software industries, today announced the sale of ECM Industries, provider of a broad range of tools and consumables for electrical and harsh environment applications.
ECM provides high value, branded electrical products across multiple product categories for the construction, maintenance, lighting, irrigation, landscape supply, and gas utility markets. ECM offers over 3,000 SKUs across diverse applications for use by professionals and do-it-yourself users. Genstar acquired ECM in 2016 as part of its acquisition of Power Products LLC and, in 2018, sold the Global Marine and Mobile division of Power Products to Brunswick Corporation. Genstar retained ownership of the Electrical Construction and Maintenance Division, which was later rebranded ECM Industries.
Rob Rutledge, Managing Director at Genstar said, “We made the strategic decision to separate the Power Products’ Global Marine division from ECM and following the very successful sale of Global Marine, we retained ownership of this strategic asset with a growing portfolio of well-known and trusted brands. We have been working with ECM management to implement a multi-year strategic plan to further expand its position as a stand-alone platform. The result of those efforts is the successful completion of the sale of ECM to Sentinel Capital Partners.”
The company’s industry leading brand portfolio includes Gardner Bender, ECM’s flagship brand for professional electrical contractors; King Innovation, the foremost brand in electrical, gas/utility, cathodic, and irrigation markets; Bergen Industries, the leading brand for lighting solutions on commercial and industrial job sites, as well as several other brands with presence in electrical, irrigation, and transportation markets.
Mike Masino, Chief Executive Officer of ECM, said, “Genstar has been fully supportive of our continued growth and new product development, where our going forward pipeline is focused on innovative solutions, tools, and consumables. We have a proven acquisition platform that has an extensive future runway to expand in core markets and adjacencies. Combined with our in-process organic initiatives, ECM is poised for accelerated growth into new channels and international markets, which is best exemplified by our new, purpose-built, state-of-the-art distribution center and corporate headquarters, designed to support that growth.”
Baird served as financial advisor to Genstar and Weil, Gotshal & Manges served as legal counsel on the transaction.
ECM Industries (www.ecmindustries.com) brands include Gardner Bender, Sperry Instruments, Bergen Industries, King Innovation, and Calterm. ECM’s brands have been supplying electricians, do-it-yourselfers, contractors, and maintenance technicians with a wide variety of innovative products for over 50 years. ECM’s brands are widely stocked and distributed through leading North American wholesalers, retailers, catalogs, and e-commerce distributors. The company is based in New Berlin, Wisconsin.
Genstar Capital (www.gencap.com) is a leading private equity firm that has been actively investing in high quality companies for over 30 years. Based in San Francisco, Genstar works in partnership with its management teams and its network of strategic advisors to transform its portfolio companies into industry-leading businesses. Genstar currently has approximately $17 billion of assets under management and targets investments focused on targeted segments of the financial services, healthcare, industrial technology, and software industries.
Contact: Chris Tofalli
Chris Tofalli Public Relations
914-834-4334
