CenterOak acquires GNAP
CenterOak Partners, a Dallas-based private equity firm, has completed a majority recapitalization of GNAP, a specialty distributor of industrial abrasive products, equipment, specialty ceramics and ancillary services.
Chief executive officer Michael Currie and the existing management team will continue to lead the company following CenterOak’s investment. Terms of the transaction were not disclosed.
Headquartered in Grand Rapids, Michigan, GNAP was formed through the 2005 merger of Grand Northern Products and Abrasive Products. Currie joined the business in 1997. Since 2005, the company has completed six acquisitions and internally developed GNP Ceramics, GNAP’s rapidly growing specialty ceramics division. Today, GNAP is the market leading specialty distributor of consumable abrasive products for surface enhancement and specialty ceramic applications.
“We are pleased to partner with a strong and experienced management team that has demonstrated a proven ability to generate organic and acquisitive growth,” said Randall Fojtasek, managing partner of CenterOak. “GNAP represents an attractive opportunity to work with a leading Industrial Growth business operating in large and fragmented product categories. 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.”
“We are excited to partner with the CenterOak team to drive continued growth,” said Michael Currie. “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.”
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
