Capstreet-backed APG Names Longtime Industrial Executive Joe Stephens as CEO

HOUSTON, Sept. 26, 2023 /PRNewswire/ -- American Packing & Gasket, LLC, ("APG" or the "Company), a distributor and manufacturer of a broad range of industrial products, today announced that Joe Stephens has joined as Chief Executive Officer. Former CEO Matt Dunn will remain with APG on the board of directors. APG is backed by Capstreet, a Houston-based lower middle market private equity firm.

"Having spent his entire career in industrial manufacturing, Joe has a deep understanding of the opportunities and challenges in this space. This knowledge, combined with his two decades of building and leading companies, makes him a great fit for APG," said Paul De Lisi, Partner at Capstreet. "We are eager to leverage his skills as we seek new ways to continue to grow the Company. We're delighted to welcome Joe to APG, and at the same time, we want to recognize Matt for his many contributions to the Company over the years."

Mr. Stephens was most recently President and CEO of Motor City Industrial, an industrial supplier of fasteners, bearings, and consumable products, where he led the closing and integration of four strategic acquisitions during his tenure. Previously he spent more than 15 years at Fastenal, a distributor of industrial and construction products, serving in various leadership positions. Mr. Stephens holds both an MBA and a B.A. in business from the University of Kansas.

"I look forward to working closely with the APG and Capstreet teams to build upon the Company's long-time customer relationships and history of quality products, while identifying new opportunities for APG's innovation and growth," said Mr. Stephens. "I believe that APG is well positioned to take advantage of attractive tailwinds in the industrial sector today."

About APG

Founded in 1943, APG is a distributor and manufacturer of a broad range of MRO products, including gaskets, packing material, O-rings, industrial hose couplings, and other miscellaneous items, used in manufacturing and process industries for the maintenance and repair of various types of industrial equipment. For more information, please visit callapg.com.

About Capstreet

Founded in 1990, Capstreet invests in lower middle market software, tech-enabled services, and industrial business services companies. With over 45 platform investments and over 200 add-on acquisitions since inception, Capstreet's investment strategy is focused on utilizing its Capvalue™ Framework to help accelerate growth and profitability, and help create long term sustainable businesses. The majority of Capstreet's investments have been with founder- or entrepreneur-owned businesses. For more information, visit the Capstreet website, www.capstreet.com.

Contact:

Lambert
Jennifer Hurson, 845-507-0571, [email protected]
Joanne Lessner, 212-222-7436, [email protected]

SOURCE APG; Capstreet