COMMERCE, Calif., Nov. 1 /PRNewswire/ -- Pearlman Corporation, the
parent company of Pearl Abrasive Co. and Keystone Tools, announced today
that is has been acquired by Harbour Group. Pearlman is a leading developer
and supplier of branded, high-quality abrasives, diamond cutting products,
and related products. Terms of the transaction were not disclosed.
Pearlman was founded here in 1968. The company's products include a
broad line of diamond cutting wheels, abrasives, chemicals, power tools and
related products for stone fabricators, tile installers and construction
contractors in both the residential and commercial construction markets.
Pearlman sells its products through a network of independent distributors
as well as through its own proprietary and branded distribution channel,
Keystone Tools. Keystone is the fastest growing, direct to end-user,
supplier of stone cutting and fabrication equipment in North America.
Keystone markets both Pearl Abrasive and other branded products to
end-users in the stone market through a distribution and sales network
incorporating mobile trucks, catalogs and retail stores.
Zack Pearlman, President of Pearlman, commented, "Our team has done an
excellent job positioning both the Pearl Abrasive and Keystone businesses
as leaders in the abrasives and diamond cutting tools market. Harbour Group
has a keen understanding of our industry and we're fortunate to have them
as a partner. Their long history of successfully growing companies like
Pearlman will be a huge asset to us as we pursue our strategy."
Having owned other cutting tool and abrasive businesses, the industry
is not new to Harbour Group. Sam Fox, Harbour Group's Chairman and CEO,
commented, "Pearlman is a really great business in a sector we understand
well. The Pearl Abrasive brand is synonymous with quality, service and
innovation, and as a result, Pearlman enjoys leading market shares in its
served markets and a devoted and diverse customer base. We believe there
are opportunities for further penetration of its existing markets, entry
into new markets and geographies, and continued development and
introduction of new products. Pearlman's markets are both large and highly
fragmented, and we will aggressively pursue complementary acquisitions."
Mr. Fox also emphasized that Harbour Group's acquisition will allow the
company to continue to pursue its growth strategy. He commented, "Zack and
his team created significant value through the innovative development of
the highest quality products, a focus on superior customer service and the
development of the Keystone distribution model. We intend to dedicate all
our resources to continuing that legacy, and in particular, to extending
the Keystone footprint."
Harbour Group is a privately owned company based in St. Louis. Harbour
Group and its operating companies are engaged in the manufacture and
distribution of a wide variety of consumer and industrial products,
including entertainment products, automotive enthusiast products,
lubricating systems and equipment, auxiliary plastic processing equipment,
and heat exchange equipment.
SOURCE Harbour Group