CLEVELAND, OHIO – 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.… Read this article