Apex Tool Group has announced the acquisition of specialty cutting tool manufacturer Niagara Tools of St. Catharines, Ontario.
The transaction was effective July 31, 2014.
Niagara Tools is now part of Apex’s Power and Professional Tools business unit; this precision tooling, cutting and grinding manufacturer serves the North American automotive and aerospace markets and employs 40 associates.
“Niagara Tools is a strong strategic complement to our Power Tools business,” said Steve Breitzka, president and CEO of Apex. “This acquisition allows Niagara to leverage our global MVI, aerospace and industrial relationships to expand its channels, and it offers Apex significant cross-selling opportunities within Niagara’s customer base.”
Niagara Tools’s owner, Paul Brodeur, will continue in a consulting role with Apex; Bill McMaster will continue to serve as Niagara Tools’ general manager.
“Both our organizations have a strong culture of technological innovation, focus on the customer and creating solutions within our markets,” added Martin Kuerzinger, president of Apex’s Power and Professional Tools business unit. “Niagara Tools is a dynamic addition to our Power Tools global business portfolio, and we are excited about the growth potential that lies ahead.”
Paul Brodeur, owner of Niagara Tools said, “We are extremely pleased to become part of Apex’s Power Tools business, and look forward to a strong relationship. Their team and brands are a recognized leader in their industries, as is Niagara Tools, and together we have tremendous opportunities for growth.”
Going forward, the Niagara Tools name will be retained.