WJ PARTNERS FUELS CONTINUED PUPCO EXPANSION WITH ACQUISITION OF NAPAC

Second add-on this year enhances product line, geographic reach for fast-growing master distributor

CHARLOTTE, N.C., Oct. 25, 2022 /PRNewswire/ -- WJ Partners today announced it supported the expansion of its partner company, Power-Utility Products Co. (PUPCO), a master distributor of and supply chain partner for C-class products used in electrical, mechanical and telecommunications infrastructure, with its acquisition of NAPAC, a leading supplier of valves, flanges, fittings and other mechanical parts for the waterworks and fire suppression industries. Terms were not disclosed.

The deal marks the second add-on acquisition this year for PUPCO, which announced in March 2022 its purchase of MIROC, an Albuquerque-based provider of telecom components and accessories utilized in telecommunications infrastructure.

"This new partnership, on top of the integration of MIROC into our operations, furthers our efforts to expand our product offering and diversify our end markets," said PUPCO CEO Cameron Todd. "We have several common clients across PUPCO, MIROC and now NAPAC, and our diversified yet synergistic lineup of products will offer tremendous cross-selling opportunities.

"In addition," Todd added, "NAPAC's locations in Worcester, Massachusetts, and Jacksonville, Florida, will be a great complement to our existing locations in Charlotte, Ohio and Albuquerque, allowing us quicker delivery to more customers across the country. And the combined sourcing reach of the company given NAPAC and MIROC's capabilities allows us to ensure security of high-quality supply for our customers even in the face of challenging supply chain dynamics."

All three companies – PUPCO, MIROC and NAPAC – will continue to operate under their existing brand names, with no meaningful changes to NAPAC's staff expected. Brian Wilbur will continue on as NAPAC's general manager.

Financing for the acquisition was provided by Fifth Third Bank, and McGuireWoods provided legal services to WJ Partners and PUPCO.

ABOUT PUPCO

Founded in 1973 and based in Charlotte, North Carolina, Power-Utility Products Co. (PUPCO) is a master distributor of strut channel, cable tray, fittings and associated components used in electrical infrastructure as well as cable management and other accessories used in telecommunications infrastructure through its MIROC brand. PUPCO serves as a supply chain partner to its customers by providing industry leading product availability and unparalleled lead times. With locations in Charlotte, Albuquerque and North Jackson, Ohio, PUPCO serves a national customer base including power plants, data centers, solar farms, healthcare facilities, 4G and 5G infrastructure and industrial construction. PUPCO prides itself in consulting with customers to provide just-in-time, comprehensive product solution sets. Learn more at www.pupco.com.

ABOUT NAPAC

Headquartered in Worcester, Massachusetts, NAPAC Inc. is a master distributor that provides ductile iron flange fittings, flanges and UL/FM valves to the waterworks, wastewater, PVF/industrial and fire protection industries. Since its modest beginnings in 1995 with just one employee and two clients, NAPAC has established an international presence in the valve and fitting business, with multiple distribution centers across the United States to can quickly and efficiently meet customers' stocking or just-in-time needs. For more information, visit www.napacinc.com.

ABOUT WJ PARTNERS

Founded in 2008, WJ Partners is an investment partnership focused on building lower-middle market companies in the consumer, specialty finance, and industrial and business services sectors. Given its permanent capital source, WJ Partners uses a long-term approach to investing. The firm's mission is to create value by providing financial, strategic and management resources to capture growth opportunities and operational efficiencies. WJ Partners' team has a successful track record investing in and building lower middle-market companies over the past 15 years, including such organizations as Pure Barre, Mobile Communications America and Eggs Up Grill. Visit www.wjpartners.com.

SOURCE WJ Partners