Chicago, IL and Southfield – CFI USA is pleased to announce that it served as the exclusive financial advisor to Wright Tool Company (“Wright Tool” or the “Company”) in its sale to Federal Resources Supply Company (“Federal Resources”).
Headquartered in Troy, Michigan and founded nearly 70 years ago, Wright Tool is a premier tool distributor specializing in strategic sourcing, contract management, and offering a broad line product selection. The Company operates out of multiple facilities in Michigan and distributes products throughout the entire United States and internationally to a diverse customer base across federal, municipal, consumer, and industrial markets.
Federal Resources is a Stevensville, Maryland-based distributor of safety and homeland security products for military and marine needs. Expanding from modest beginnings as a small business serving the U.S. Navy, Federal Resources has grown to its current position as a global distributor of solutions for warfighters and first responders. Bill Wright, shareholder and second-generation family owner of Wright Tool, commented, “My brother Wayne and I are very pleased to sell our family business to Federal Resources. We are excited to pass the torch of our family business to a partner that is as excited as we are about the Company’s future.”
CFI USA advised the shareholders of Wright Tool through the entire transaction process. Wayne Wright remarked “Hiring CFI USA was crucial to securing a successful outcome for us – they navigated many intricacies of the transaction, most notably the small business set-aside designation that allowed us to win many of our federal government contracts. Positioning the business carefully and finding the right buyer was imperative to closing a transaction. Additionally, their expertise in distribution and ability to effectively communicate our business to the market was instrumental.”
The transaction closed in December 2017.
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