Boathouse Capital Successfully Exits OBBCO Safety & Supply in Sale to Motion Industires
August 9, 2016
Boathouse Capital announced today that it has successfully exited its investment in OBBCO Safety & Supply (“OBBCO”), a value-added distributor of safety supplies and personal protective equipment, through a sale to Motion Industries, a wholly owned subsidiary of Genuine Parts Company.
OBBCO is one of the largest pure-play safety products distributors in the Mid-Atlantic. In business since 1985, OBBCO has established a reputation for differentiated, high-touch service, product customization, and rapid fulfillment that have made the company a critical supplier for a variety of customers and end-markets. OBBCO’s distribution center in Chesapeake, VA is strategically located near several leading industrial manufacturers as well as the ports of Norfolk and Hampton Roads, together the sixth largest port in the U.S. and home to the world’s largest naval station and the largest concentration of U.S. Navy air and sea forces in the country.
Boathouse Capital acquired OBBCO in partnership with Agincourt Capital Partners, a New York-based financial sponsor, and the company’s founder, Mike Bryant in 2013. Since the acquisition, OBBCO broadened its management team, expanded its customer base and geographic reach, and delivered substantial growth with earnings increasing by more than 60%.
Motion Industries is a leading distributor of industrial parts to more than 150,000 industrial customers in North America. With annual sales of $4.6 billion, Motion Industries is one of the largest providers of industrial safety products in the country.
“We are excited to have partnered with Mike Bryant and the OBBCO team for the last three years. OBBCO has consistently outperformed our expectations, and we are very pleased to share an exceptional outcome with Mike and our investors,” said Steve Gord, General Partner at Boathouse Capital.
Mike Bryant, CEO of OBBCO remarked, “I thoroughly enjoyed working with the Boathouse Capital team. Boathouse was an excellent partner and provided valuable guidance on strategic and financial matters that were important to the success OBBCO has enjoyed over the last three years. We are thrilled to become a part of the Motion Industries family and to start a new chapter in OBBCO’s long history. Joining with Motion allows OBBCO to accelerate our growth and better serve our customers while retaining our local operations. We are eager to combine our strengths and three decades of experience in our region with Motion’s national distribution scale.”
Stephens acted as the financial adviser to OBBCO. Ice Miller served as legal advisor to the company.