Cleveland private equity firm, CapitalWorks, LLC has acquired Essco. The acquisition was completed as a part of CapitalWorks’ fourth private equity fund, CapitalWorks Fund IV, L.P. Terms of the deal were not disclosed.
Established in 1924 in Cleveland, Ohio, Essco is the leading value-added distributor of floorcare products in the U.S. to specialty household distributors, e-commerce retailers, repair centers and independent dealers nationwide. Essco is now headquartered in Twinsburg, Ohio, with an additional distribution center in Sparks, NV.
“The strategic alliances we have with our blue chip OEM suppliers gives us the ability to stand apart from our competition and also provides a platform for growth into other key product categories and channels,” Essco CEO, Rob Glockner, states.
“It is great to be able to partner with a local company and management team that has an exciting strategy for future growth,” remarked Mikel Harding , Managing Director and CFO with CapitalWorks. “Essco has partnered with its vendors and customers to become the leading floorcare products distributor and is positioned to accelerate its growth by further enhancing its product offering and service capabilities.”
In addition to the experienced management team, CapitalWorks has partnered with Dan Sustar, founder and CEO of Trademark Global, who will join the Essco Advisory Board bringing tremendous knowledge and experience in e-commerce and value added distribution.
Senior financing was provided by First Commonwealth Bank. CapitalWorks, LLC was advised by Calfee, Halter & Griswold LLP.