(February 7, 2012) - Rockwood, a private investment firm based in Cleveland and New York, announced today that, in partnership with co-founders Terry Tomlinson and Steve Sullivan, it has recapitalized AFC Industries, Inc. (AFC) (www.afcind.com), a provider of value-added procurement and inventory management services for fasteners and other industrial components.
Founded in 1987 and based north of Cincinnati in Fairfield, Ohio, AFC distributes and provides vendor managed inventory programs for a broad array of standard and specialized fasteners and other industrial components sourced from a broad global supplier base. The company’s product portfolio consists of nearly 6,000 SKUs, including screws, bolts, nuts, threaded inserts, pins, O-rings and other industrial components. In addition to providing inventory management and replenishment services, the company’s service offerings include testing and quality assurance, assembly, kitting, packaging and private labeling.
"During the past 25 years, Terry and Steve have built AFC into a strong business with a notable regional presence," explained Owen Colligan, Managing Director of Rockwood. "The company now is positioned for significant expansion in geographic reach, customer base and product and service offerings, and we look forward to partnering with AFC’s management team to develop and execute against an aggressive growth strategy."
Terry Tomlinson, co-founder of AFC, said, “We were looking to find a partner that could assist us in taking the business to the next level. We have worked closely with the Rockwood team to develop a strategic plan focused on growth opportunities including acquisitions, product line expansion, new customer acquisition and other opportunities to expand the business across both geographic and end markets."
In conjunction with the transaction, Sullivan will remain with the company as President and Chief Operating Officer and Tomlinson will serve as a senior advisor and member of the company’s Board of Directors.