Sencorp, parent of Senco Products, has agreed to be sold to Wynnchurch Capital and Great Lakes Equity Partners through a Chapter 11 bankruptcy reorganization. The company is a marketer of air-powered nail guns and fasteners. The bankruptcy-supervised auction is expected to be completed within two months. Sencorp has been hit hard by the slowdown in the housing market, and has had to deeply cut employment. Currently, the company employs about 300 in the Greater Cincinnati area and 400 worldwide.
Since 2008, there have been 33 investments in the industrial parts and supplies companies by private equity. Of these investments, 19 have been in the form of a carveout or add-on. Most recently, Carbone Lorraine's brushes and brushholders division was acquired by MidMark Capital in a carveout. Monomoy Capital Partners and Standish Capital have been frequent investors in the industry.