Norwest Equity Partners Sells Its Interest in Lindstrom Metric
July 13, 2011
Minneapolis, Minnesota – Norwest Equity Partners (“NEP”), a leading middle market investment firm, has announced that it has completed the sale of its ownership interest in Lindstrom Metric, LLC (or the “Company”), a leading, value-added master distributor and importer of metric fasteners, to Harbour Group, a St. Louis, Missouri-based privately-owned operating company. The sale transaction closed on July 12, 2011, and terms were not disclosed. Lindstrom Metric Founder and CEO, Virg Lindstrom, and his management team will continue to own a significant portion of the business.
Founded nearly 40 years ago, Lindstrom Metric has built a national distribution footprint and has grown to be the largest and most successful competitor within the master metric fastener distribution industry. NEP initially formed an investment partnership with the Company in 2006 and was attracted to its strong historical organic growth as well as its ability to attract blue chip distributor customers through offering technical expertise, product breadth and depth, reliable product availability, and exceptional delivery capabilities.
Erik Torgerson, NEP senior advisor and Lindstrom Metric board member, stated, “On behalf of the NEP partnership, working hand-in-hand with Virg Lindstrom and his management team over the past five years has truly been a privilege. Under Virg’s leadership, the Company has continued to preserve as well as build its reputation as “the” go-to provider of quality metric fasteners and is well-positioned for continued growth. I know Virg and his team are as energized as ever about their future.”
Based in Blaine, Minnesota, Lindstrom Metric operates out of strategic locations in Greer, South Carolina; Elgin, Illinois; and Beacon, New York and sells its products exclusively through a network of distributors.
Houlihan Lokey served as exclusive financial advisor to NEP on this transaction.