Boss Manufacturing Co. announced Wednesday that it has closed on the sale of assets of its glove, boots, and rainwear business to Protective Industrial Products Inc. of Latham, NY.
Boss, a wholly owned subsidiary of Boss Holdings Inc. (BSHI), 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.
G. Louis Graziadio III, chairman & CEO of Boss Holdings Inc. said, “This is an exciting time for Boss and an excellent opportunity for Boss to partner with an excellent team. Boss has been a stable and profitable business for many years that we’ve been proud of, earning numerous industry awards. We believe PIP will be able to grow and expand Boss’s proprietary and licensed brands both domestically and internationally.”
Richard Bern, COO of Boss, said, “This deal with PIP is a natural fit for both companies. We have known Joe Milot, PIP CEO, for many years and we share his enthusiasm for our industry and dedication to customer satisfaction. The positive feedback we’ve received from customers since the deal was first announced has only reaffirmed our belief that the synergies of our combination will position this partnership for future success.”
The acquisition of Boss further solidifies PIP’s position as a global leader in hand protection and general safety products. PIP provides its distributors and retailers with choice, service, quality and expertise in an expanded product offering that delivers solutions to meet every need in worker safety.
Boss will 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 retain their Kewanee, IL, headquarters, warehouse facilities and the majority of their operating staff. The transaction provides 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, OH, and Beverly, MA, respectively, nationwide distributors of a broad line of pet toys and pet supplies to retailers and an industry-leading e-commerce marketer of pet grooming products to pet groomers, boarders, veterinarians and individual consumers through PetEdge.com.
- Galaxy Balloons Inc., based in Cleveland, OH, a leading supplier of imprinted balloons, sport balls, ornaments and drinkware to the promotional products industry.
- Boss Tech Products, Inc. d/b/a Aries Manufacturing, a distributor of a wide range of cell phone accessories, including Cat branded chargers, power packs, cords and speakers.