Nearly four years after Takkt America sold it to private equity firm Caxton-Iseman Capital for $48 million, Conney Safety Products has made its own acquisition. The specialty safety supplies and equipment distributor on July 6 completed the purchase of Mettam Safety Supply Co.
While terms of the deal were not disclosed, Mettam will run as a subsidiary of Conney and keep its 40 employees where they are in Danville, IL.
The synergies are considerable for both sides. For instance, Mettam’s customers will benefit from Conney’s inventory and distribution capabilities, catalog, web presence, and information technology infrastructure, Stuart Rose, managing director at mergers and acquisitions firm Tully & Holland.
At the same time, Rose says Conney will be able to grow its customer base and product lines by selling high-tech products and videos that are a part of Mettam’s product line. “Just because someone is big and has lots of inventory doesn’t mean they have the capabilities of smaller players,” Rose says. “Mettam has the technological sales and products that Conney doesn’t have.”
Founded in 1946, Conney sells workplace safety and first aid supplies and provides personal safety training services. The Madison, WI-based cataloger was acquired by Takkt (then K+K America) in October 1998. Takkt sold it to private equity firm CI Capital partners in October 2007 for $48 million.
Conney is likely to add to its stable, according to its CEO Michael Wessner, who said in a statement, “We hope to find several more companies like Mettam to partner with over the next few years.”