Grainger has entered into a definitive agreement to sell Fabory Group to Torqx Capital Partners, a Dutch private equity company.
Grainger will continue offering broad line MRO products to customers in Western Europe through Cromwell and Zoro, the latter having seen a surge in demand during the Covid-19 pandemic.
"I want to thank to Fabory team for their innovative and customer-focused approach," said DG Macpherson, Chairman and CEO of Grainger. "I'm confident the acquisition by Torqx will better align with Fabory's growth objectives. At the same time, Grainger remains focused on providing value to our customers, executing our strategy and delivering profitable growth through our high-touch and endless assortment offerings."
Hamern Geerts, Managing Partner of Torqx, added: "Based on our extensive experience and strong track record with technical distribution businesses, we see a strong fit between Fabory and Torqx. We can help the company to strengthen its position as leading fastener specialist in its core markets and achieve its full potential."
Fabory sources a broad assortment of 'high quality and mission-critical' fasteners from suppliers worldwide, distributing to over 60,000 customers throughout Europe.
The transaction is not subject to any financing condition but is subject to the standard regulatory approvals. The deal is expected to close in the coming months.