Frontenac, a Chicago-based private equity firm, has completed the sale of GNAP, a distributor of industrial abrasive products, equipment, specialty ceramics and ancillary services to CenterOak Partners.
Terms of the transaction have not been disclosed.
GNAP was formed in 2005 through a merger between Grand Northern Products and Abrasive Products. Since Frontenac recapitalised GNAP with the owner operators in 2014, the Company has achieved strong organic growth and completed four acquisitions, making it the market-leading speciality distributor of consumable abrasive products for surface enhancement and specialty ceramics applications. GNAP represents more than 550 global suppliers and serves over 5,000 customers.
Joe Rondinelli, Principal of Frontenac, says, “Our investment in GNAP is a great example of Frontenac’s CEO1ST investment approach. We successfully partnered with owner-operator founders, Mike Currie and Mike Trotta, who worked with two-time Frontenac CEO1ST Chairman Bob Grubbs. During our ownership, we enhanced the Company’s leadership team, invested in the successful implementation of numerous organic growth initiatives, and through acquisition expanded the Company’s product portfolio and geographic reach.”
“Frontenac has been instrumental in shaping the strategy and vision of GNAP, helping to strengthen our operations and team and providing meaningful support in the pursuit of organic and acquisition growth initiatives,” says Mike Currie, CEO of GNAP. “Our management team and associates are excited to build upon the success we’ve achieved with Frontenac and look forward to the next phase of growth alongside CenterOak Partners.”
Paul Carbery, Managing Partner of Frontenac, adds: “GNAP is the fourth enterprise sale from our tenth investment fund and the fifth successful sale of an industrial distribution portfolio company in the last three years. We are pleased to have worked with the GNAP leadership team and see a bright future for the Company.”
BlackArch Partners acted as financial advisors to GNAP. Katten Muchin Rosenman LLP served as legal counsel to the Company.
