NEW YORK, NY - General Tools & Instruments said May 28 that it was acquired by private equity firm High Road Capital Partners.
Founded in 1922, New York City-based General Tools offers more than 1,500 tools and hand-held instruments for woodworking and other trades. Originally known as General Hardware Manufacturing Co., it acquired Mannix Instruments in 2006, then it changed its name to General Tools & Instruments.
Under the terms of the Hgh Road deal, which closed in February but was just announced, CEO Joe Ennis and the senior management team remain at the helm of General Tools.
High Road Capital, which also lists Accurate Fasteners & Components in its $470 million investment portfolio, said its assets will help General Tools expand its market share through product development and acquisitions.
High Road officials added that they were attracted to acquiring General Tools because the company has been a mainstay in the specialty hand tools market for more than 90 years.
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