BUSINESS OVERVIEW
Endries is a leading distributor of fasteners and Class-C parts serving industrial Original Equipment Manufacturers (“OEMs”) worldwide. From its headquarters in Brillion, WI and eight U.S. and international distribution centers, Endries provides over 500,000 SKUs to its customer base. Endries operates primarily through a vendor managed inventory model, managing C-part categories for its customers across diverse industrial end markets. Endries partners with OEM customers through robust replenishment systems that provide products and support services which are critical to maintaining the manufacturing process.
THE SITUATION
Endries was a division of a large multi-national industrial distributor prior to Nautic’s carve out in 2017. The company’s management team, value proposition and recent organic growth (largely via a RFID-based replenishment technology for customers) were strong but the company had yet to unlock additional value through M&A in a fragmented market.
WHAT WE DID
Nautic supported the Endries management team to drive pricing improvements identified in our diligence and source and execute three accretive add-on acquisitions at attractive valuations during our ownership period. The M&A strategy proved Endries was a capable platform for consolidation in a fragmented market, enabling significant multiple expansion upon exit.
