Boss Manufacturing Company, a national supplier of personal protection equipment, reached an agreement in principle to sell the assets of its glove, boots, and rainwear business to Protective Industrial Products, Inc. (PIP) of Latham, NY.
Specific terms of the deal have not been announced with the transaction expected to close within thirty days.
Boss, a wholly owned subsidiary of Boss Holdings, Inc. (BSHI) and based in Kewanee, IL, is the oldest U.S. work glove company with operations dating back to 1893 and has been a leading supplier of work gloves and personal protective gear to both the consumer and industrial markets, including CAT branded work gloves and safety products. PIP is an international supplier of personal protective equipment and is a portfolio company of Audax Group, a diversified private equity firm headquartered in Boston, MA with over 20 years of middle market experience and strategic investments in over 130 companies.
Boss Chief Operating Officer, Richard Bern, stated, “We feel a deal with PIP will be a natural fit for both companies. We believe the synergies of a combination of our businesses will position this partnership for future success.” The acquisition of Boss will further solidify PIP’s position as a global leader in hand protection and general safety products.
Boss plans to utilize a portion of the proceeds from the sale to pay off its existing debt and credit facility. After the sale, Boss and Boss Holdings would retain their Kewanee, Illinois headquarters, warehouse facilities and the majority of its operating staff. If completed, the transaction will provide Boss Holdings financial flexibility for its remaining businesses and working capital needs.
Other subsidiaries of Boss Holdings Inc. include:
- Boss Pet Products, Inc. and PetEdge LLC, headquartered in Oakwood Village, Ohio and Beverly, Massachusetts, respectively, nationwide distributors of a broad line of pet toys and pet supplies to retailers and an industry-leading ecommerce marketer of pet grooming products to pet groomers, boarders, veterinarians and individual consumers through PetEdge.com.
- Galaxy Balloons, Incorporated, based in Cleveland, Ohio, a leading supplier of imprinted balloons, sport balls, ornaments and drinkware to the promotional products industry.
- Boss Tech Products, Inc. d/b/a Aries Manufacturer, a distributor of a wide range of cell phone accessories, including Cat® branded chargers, power packs, cords and speakers.