LIVERPOOL, N.Y.—Washington-based private equity firm HCI Equity Partners recently acquired JGB Enterprises, a value-added assembler and supplier of industrial and hydraulic hose, hose accessories and a variety of other industrial products.
JGB, founded in 1977, is headquartered in Liverpool, where it has a total of five facilities covering 190,000 square feet of space. It also has five sales branches located in Buffalo; Charlotte, N.C.; St. Louis; Williston, N.D.; and Houston, according to the company's website.
The distributor's products are used in a variety of end applications, including oil and gas, agriculture, mining, construction, marine, chemical, food and commercial, along with doing business with the Department of Defense and the Defense Logistics Agency, a statement from HCI Equity said. JGB serves more than 4,000 customers and its products are selected and assembled to meet specific size, pressure, temperature and material requirements in critical applications.
Former JGB owner Jay Bernhardt has 51 years of experience in the hose industry, including two years with Hewitt-Robins, seven with Goodall Rubber and the past 42 years with JGB Enterprises.
HCI Equity Partner targets lower middle market industrial product and service growth companies, typically with annual revenues from $20 million to $200 million, according to the firm's website.
Terms of the deal to purchase JGB Enterprises was not disclosed, but the JGB website said the firm had 290 employees and sales of more than $125 million.