MSC Industrial Direct, a catalog and retail marketer of maintenance, repair and operations suppliers, will acquire J & L Industrial Supply fro $349.5 million. The acquisition is expected to close during the second quarter, and will use both on-hand cash as well as borrowed money.
J & L Industrial, a metal-cutting and finishing supplies distributor, is a subsidiary of Kennametal Inc. The unit is headquartered in Southfield, MI, and has operations in both the U.S. and the United Kingdom. J & L markets its products via a catalog, its e-commerce sit, and through its sales force.
J & L’s senior management team will remain with the business following the acquisition, and Michael P. Wessner will retain his position as president of the unit.
“J & L has a culture and a business model that is similar to ours, and a highly successful management team with considerable experience and success in the direct mail business,” said David Sandler, president and CEO of MSC, in a statement.
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