SBP Holdings acquires Kenco Hydraulics
SBP Holdings has acquired Kenco Hydraulics and subsidiaries, which will operate within the Dakota Fluid Power fluid power / automation platform for SBP Holdings.
The fluid power / automation platform is the third business vertical within the holding company along with its Industrial Rubber vertical (Singer Equities) and its Rigging and Rental vertical (Bishop Lifting Products). With this addition SBP Holdings will increase its North America footprint to approximately 100 locations with over 1,300 employees.
Kenco Hydraulics, established in 1989 by president Ken Veit, operates from a single location in Hatfield, Pennsylvania, with approximately 19 team members. Kenco Hydraulics provides sales and repair services for all types of hydraulic products including hose, pumps, cylinders, and filtration. Veit will continue to manage the Kenco Hydraulics operation and expand the enterprise through organic growth and cooperation with other SBP Holdings companies.
“We are truly excited about teaming up with Ken and the team at Kenco Hydraulics to continue to expand our fluid power offering and geographic footprint," said Craig Osborne, SBP CEO. "Fluid Power continues to be a large addressable market with tremendous opportunity for growth and there is no question we have a solid base and the ability to expand.”
Dakota Fluid Power president Rick Lindemann added, “We are looking forward to having Kenco Hydraulics join our Fluid Power group! Their reputation and business model of providing quality parts and service to their customers, aligns very well with Dakota Fluid Power.”
Ken Veit said, “I feel strongly that we have teamed up with the right group to continue Kenco Hydraulics tradition of supporting customers in the Pennsylvania and New Jersey markets and beyond. We have a current relationship with companies within the SBP Holdings group and we look forward to expanding that over time.”
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