General Tools & Instruments has been bought by a private equity firm.
The company said New York-based High Road Capital Partners completed the sale of the specialty hand toolmaker Feb. 4, but it was not announced until May 28. Terms were not disclosed.
“General remains focused on providing its customers with feature-rich, value-oriented specialty hand tools and test instruments,” said company CEO Joe Ennis, who is remaining on staff, along with senior managers. “We look forward to working with High Road and continuing the company’s successful expansion.”
The influx of cash by the equity firm will allow General to expand product development and distribution, officials said.
“General Tools & Instruments is a third-generation, family-run company with an enviable customer base, a trusted brand name and high-quality products,” said Jeff Goodrich, a High Road partner. “It has a solid position as a leading provider of specialty hand tools and instruments across multiple industries.
“Together with General’s outstanding management team, we plan to pursue both organic growth initiatives and add-on acquisitions,” he said.