CHICAGO (December 31, 2021) – Onward Capital, a private equity firm based in Chicago, announced today that it has acquired Century Drill & Tool Corp., headquartered in Green Bay, Wisconsin (www.centurydrill.com). Terms of the transaction were not disclosed.
Century Drill & Tool is a leading distributor of professional quality power tool accessories and hand tools for contractors, professionals working in the trades, commercial automotive shops and do-it-yourselfers. The Company has been successfully serving customers since its beginnings in 1940 and has built a reputation for unmatched customer service and product breadth and quality.
Marcus George, Partner of Onward Capital, said, “Century Drill has a unique position in the power tool accessories market with an outstanding reputation for innovative solutions, manufacturing excellence and customer service.” Laura Lester, Onward Capital Partner, added, “We look forward to working with the management team to develop new products, enter new markets and build upon the Company’s success.”
Kurk Tachick, President of Century Drill & Tool, commented, “We are thrilled to be partnering with Onward Capital. Onward Capital will provide us with strategic and financial resources to achieve our shared passion for growth.”
The recapitalization was funded by Wintrust Financial Corporation, Midwest Mezzanine Funds and Centerfield Capital Partners. Katten Muchin Rosenman LLP served as legal counsel to Onward Capital and its investor group.
About Century Drill & Tool Corporation
Since 1940, Century Drill & Tool (centurydrill.com) headquartered in Green Bay, Wisconsin, has offered professional quality Power Tool Accessories and Hand Tools for contractors, professionals working in the trades, commercial automotive shops, and do-it-yourselfers. We offer the largest selection of power tool accessories, abrasives, hand tools, and threading tools; with forty percent of our products still made in the USA. Since our focus is strictly on accessories, and not power tools, we ensure consistent, higher quality product than other major brands. Today you can find Century products in over 15,000 retail locations nationwide and on major online retail platforms.
About Onward Capital LLC
Onward Capital is a Chicago-based private equity firm focused on investing in and growing lower middle- market industrial businesses. The Onward Partners have completed 59 private equity transactions and invested $610 million dollars of capital in the sector. Onward targets manufacturing and value-added distribution companies, typically with revenues between $15 million and $100 million and invests in partnership with family offices, mezzanine funds, equity funds, industry executives and high net worth individuals. For more information on Onward Capital, please visit www.onwardcapllc.com.