Jul 31, 2015
Kian Capital is pleased to announce that it has invested senior subordinated debt and preferred equity in Motor City Fastener, Inc. (“Motor City” or the “Company”).
Motor City is a value-added distributor of fasteners and related products to a variety of industries including automotive, trucking, defense, construction and automation tooling. Motor City’s products include hex caps, bolts, sockets, nuts and washers. The Company, which is headquartered in Hazel Park, Michigan, carries over 80,000 SKUs and is known for stocking hard to find items. In addition to its expansive inventory, Motor City’s innovative design capabilities, product knowledge and vendor relationships make the Company a value-added partner in the development of many of its customers’ products.
Kian Capital partnered with Oakland Standard Co., a Detroit-based private investment partnership, and provided a majority of the equity capital to acquire Motor City. Oakland Standard brings an extensive background in the value-added distribution sector, especially in the Upper Midwestern United States, which Kian Capital expects will augment its existing industry knowledge and enhance its ability to unlock the Company’s growth potential.
Rick Cravey, Partner at Kian Capital, said “We are incredibly impressed with the positive reputation that Motor City has developed in the Midwest through an almost 50 year track record of innovative engineering capabilities, inventory management and delivery expertise, and superior customer service. We look forward to working with Bob Puskas and his experienced management team and supporting their efforts to become the leading fastener solutions provider in the Midwest.”
Bob Puskas, President and CEO of Motor City, said “I am excited about this new chapter in Motor City’s history and am looking forward to working with Kian and Oakland Standard to continue growing the business. Kian and Oakland Standard have shown a deep understanding of the industry and have already identified several growth opportunities which I believe will increase Motor City’s ability to deliver value to our customers.”
Bryan Tolles, Partner at Oakland Standard, commented “We chose to partner with Kian Capital due to their ability to provide flexible capital solutions and their experience investing in the value-added distribution sector. We believe the transaction provides a strong capital base as Kian and Oakland Standard work together to help Motor City continue to execute on its growth strategy.”
I am excited about this new chapter in Motor City’s history and am looking forward to working with Kian and Oakland Standard to continue growing the business. Kian and Oakland Standard have shown a deep understanding of the industry and have already identified several growth opportunities which I believe will increase Motor City’s ability to deliver value to our customers.
Former President & CEO of Motor City
About Motor City Industrial
Motor City Industrial (“Motor City”) is a wholesale industrial supplier of fasteners, bearings and consumable products to Automation, Defense, Manufacturing, OEMs and Maintenance & Repair Operations customers across the Midwest and Southeast. The Hazel Park, Michigan-based company operates two additional locations in southeast Michigan in Farmington Hills and Auburn Hills, as well as its EMCO brand in Charlotte, North Carolina. For more than 50 years, Motor City Industrial has offered customers the combined power of smart inventory management systems, supply chain mapping technology and product specialists with extensive experience deeply rooted in fasteners and supply chain management.View Website