VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 20, 2014) - The JET Group today announced the acquisition of PeakWorks Inc., a leading Canadian brand of fall protection, fall rescue and confined space safety products based in Hamilton, Ontario. Terms of the transaction were not disclosed.
The acquisition of PeakWorks broadens JET's safety product offering by adding a portfolio of professional Personal Protective Equipment (PPE) to complement its existing Pioneer-branded safety apparel product line.
"We are very excited about the prospects of combining these two companies. PeakWorks offers the expertise, product line and technical knowledge required to service this critical market. The JET Group offers an unparalleled delivery system to the Canadian industrial, construction, safety and automotive markets through its six warehouses, large corporate sales force and loyal distribution network coast-to-coast. Together we will deliver this exciting brand across the country," commented Chris Baby, President and COO of the JET Group.
Beginning in Spring 2014, PeakWorks' products will be available from all six JET Group locations in Canada and processed along with orders for JET, Strongarm and Pioneer branded products.
About the JET Group
The JET Group consists of several leading brands servicing the professional tool, equipment and safety clothing markets including: JET, Strongarm, and Pioneer in Canada, and American Forge & Foundry in the U.S. The JET Group's 'One-Source' portfolio of products includes: hand tools; tool storage; shop equipment; lube/fluid transfer products; air tools; material handling and hydraulic lifting equipment; abrasives and cutting tools; high visibility, flame resistant, rain, work and safety wear.
PeakWorks is a full service fall protection supplier specializing in the industrial and construction markets. The business was founded in 2008 by three fall protection specialists, Tim Accursi, Gabriele Fusco (P. Eng.) and John Leavitt (P. Eng.) who have a combined 50+ years of fall protection experience. As part of their roles in PeakWorks, the founders sit on both the CSA and ANSI standards boards. All three will be joining the JET Group and will remain focused on the product, service and sales development of the fall protection category.
Penfund is a leading Canadian private equity firm specializing in providing junior capital to middle market companies throughout North America. Penfund provides high yield and mezzanine debt, control and minority equity, as well as bridge facilities, standby lines, underwritten facilities and financial guarantees. The firm is owned by its management team and is currently investing its most recently established fund, Penfund Capital Fund IV which has $460 million of committed capital. Penfund manages institutional funds sourced from Canadian pension funds, insurance companies, family offices and banks and has invested more than $2.5 billion in over 220 companies since its establishment in 1979.