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Private equity firm acquires majority stake in abrasive products supplier
An out-of-state private equity firm has acquired a majority stake in a local supplier of abrasive products for multiple industries.
Dallas-based CenterOak Partners announced this month the deal with Grand Rapids-based GNAP, a distributor of industrial abrasive products, equipment, specialty ceramics and ancillary services.
Terms of the deal were not disclosed.
“GNAP represents an attractive opportunity to work with a leading industrial growth business operating in large and fragmented product categories,” said Randall Fojtasek, managing partner, CenterOak. “We are very impressed with the company’s emphasis on technical expertise, product category leadership and customer service — three pillars of a strong and scalable value proposition.”
Michael Currie, CEO of GNAP, and the existing management team will continue to lead the company following the deal.
“We are excited to partner with the CenterOak team to drive continued growth,” Currie said. “CenterOak has an impressive track record of developing specialty distribution businesses, including significant experience supporting geographic and product line expansion strategies.
“We look forward to working together to expand our distribution footprint and product suite to better serve customers.”
GNAP was formed through the 2005 merger of Byron Center-based Grand Northern Products and Grand Haven-based Abrasive Products.
Since 2005, GNAP has completed six acquisitions and developed GNP Ceramics, its specialty ceramics division.
The company’s product offerings include blasting media, tumbling media, coated abrasives, specialty ceramic materials, chemicals, metallurgical additives, abrasive equipment and repair replacement parts.
GNAP represents more than 550 global suppliers and serves more than 5,000 customers.
Founded in 2014, CenterOak Partners is a private equity firm with a focus on making control-oriented investments in middle-market companies in the industrial, consumer and business services sectors in the U.S.
CenterOak’s senior leaders and their predecessor funds have managed more than $1.8 billion of equity capital commitments and completed more than 100 acquisitions representing more than $3.3 billion in transaction value.