NEW YORK, Oct. 8, 2020 /PRNewswire/ -- GenNx360 Capital Partners ("GenNx360"), a New York City-based private equity firm investing in middle market business-to-business industrial and business services companies, in partnership with the management teams of B2B Industrial Packaging LLC ("B2B Industrial" or the "Company") and American Machinery Works, Incorporated ("AMW Packaging Supply"), is pleased to announce the acquisition of B2B Industrial and the assets of AMW Packaging Supply.
Headquartered in Addison, Illinois, B2B Industrial sells a full range of packaging supplies and equipment, including strapping, stretch film, corrugated, and fasteners, as well as tool repair services, to more than 6,000 active clients across a wide variety of end markets across its footprint in Illinois, Texas, California, Oregon, Washington, and Kansas.
Headquartered in Phoenix, Arizona, AMW Packaging Supply provides a wide variety of packaging supplies and equipment, as well as tool and equipment servicing and repair services, in the Southwest United States and Florida.
Subsequent to the acquisition, Bill Drake, the current President of B2B Industrial, will take over as CEO of the combined operations of B2B Industrial and AMW Packaging Supply, and Chuck Farguson, the current CEO of AMW Packaging Supply, will take over as President of B2B Industrial's west operations. AMW Packaging Supply will continue to operate out of its current locations in Phoenix.
Bill Drake, CEO of B2B Industrial, stated, "We are excited to partner with AMW Packaging Supply and GenNx360 for the next phase in B2B Industrial's evolution. The complementary nature of B2B Industrial and AMW Packaging Supply's service offerings will result in a partnership that provides clients with a more robust offering and enhances our growth potential. GenNx360's operational expertise and track record of building platforms will be a tremendous asset to the management team as we undertake this next phase of rapid growth."
Rishi Verma, the GenNx360 Vice President who led the transaction on behalf of GenNx360, stated, "B2B Industrial and AMW Packaging Supply have been disruptors within the industrial packaging space, achieving outsized growth in an industry that GenNx360 believes to be very attractive. Both B2B Industrial and AMW Packaging Supply are led by impressive management teams who have built industry-leading businesses known for superior client service. We look forward to supporting Bill and Chuck in executing upon their growth strategy."
"The simultaneous acquisition of these two industry-leading companies, especially under challenging market conditions, reflects the strength and resilience of both businesses and is a testament to GenNx360's ability to be creative in partnering with management teams in structuring and executing on transactions," said Ron Blaylock, GenNx360's Founder and Managing Partner.
About GenNx360 Capital Partners
GenNx360 Capital Partners is a private equity firm focused on acquiring middle market business services and industrial companies. GenNx360 invests in companies with proven and sustainable business models in expanding industries, with the objective of implementing value-enhancing operational improvements to accelerate growth, deliver efficiencies and generate strong financial returns. Target industries include industrial machinery and components, business & industrial services, automation & industrial technology, packaging products, equipment services, environmental services, and food ingredients/equipment/services. GenNx360 was founded in 2006 and is headquartered in New York City. For more information on GenNx360 Capital Partners, please visit www.gennx360.com
For media inquiries about this press release, please contact:
GenNx360 Capital Partners
Carmen Rojas, Director of Investor Relations
Email: [email protected]
SOURCE GenNx360 Capital Partners