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Fastenal Buys Assets of Apex Industrial Technologies

According to a Form 8-K filed March 30 with the US Securities and Exchange Commission, Fastenal has purchased an undisclosed amount of assets from Apex Industrial Technologies, a provider of industrial vending solutions.

Fastenal VendingFastenalThe 8-K stated that Fastenal and Apex have worked together since 2008 to develop a vending delivery platform that it calls the leading solution today in the industrial and commercial marketplace. Fastenal notes that Apex's contributions to this achievement have been to create and develop the software, design the equipment and build the vending equipment supply chain, while Fastenal brought industry expertise, a leading presence in the marketplace and a willingness to bring the platform to market.

The form said this 12-year collaboration has established a new platform within industrial and commercial supply chains, with more than 105,000 product dispensing and leased devices across 23 device types in 25 countries that generated more than $1.1 billion in sales in 2019.

Is your company an industrial distributor? Take ID's 2020 Survey of Distributor Operations and be entered to win one of five $10 AmEx gift cards. Information and survey link here.

In connection with this transaction, Fastenal purchased a perpetual and unfettered use of key patents, designs, software and licenses, as well as direct access to the supply chain.

Terms and conditions of the transaction were not disclosed. 

Apex Logo Primary Update Cmyk"Fastenal’s founder, Bob Kierlin, conceived of industrial vending at the company’s inception in 1967. Our relationship with Apex in 2008 helped to make the industrial vending solution scalable," Fastenal president and CEO said in the filed 8-K. "This transaction allows both organizations to move forward with their unique strategic plans while still providing an avenue for additional collaboration. I thank Kent Savage, Apex’s founder and CEO, for his partnership and contribution to our business over the last twelve years and wish him success as he focuses Apex’s energy on the food and retail sector.”

The 8-K quoted Savage: “Our collaboration with Fastenal has created a world-wide best practice for distributing MRO materials. Fastenal's adoption and deployment of automated dispensing technology combined with its singular fulfillment capabilities delivers tremendous efficiencies, productivity, and cost-savings to its customers every day. Working with Dan Florness and Fastenal's visionary leaders has been an honor and a pleasure. Apex is proud to have been a part of Fastenal's exceptional success and we look forward to continued collaboration with them in the future.”

Fastenal will report its sales and earnings for its first quarter of 2020 on April 14.

Sours: https://www.inddist.com/mergers-acquisitions/news/21125592/fastenal-buys-assets-of-apex-industrial-technologies

Fastenal Buys Assets of Apex Industrial Technologies

According to a Form 8-K filed March 30 with the US Securities and Exchange Commission, Fastenal has purchased an undisclosed amount of assets from Apex Industrial Technologies, a provider of industrial vending solutions.

Fastenal VendingFastenalThe 8-K stated that Fastenal and Apex have worked together since 2008 to develop a vending delivery platform that it calls the leading solution today in the industrial and commercial marketplace. Fastenal notes that Apex's contributions to this achievement have been to create and develop the software, design the equipment and build the vending equipment supply chain, while Fastenal brought industry expertise, a leading presence in the marketplace and a willingness to bring the platform to market.

The form said this 12-year collaboration has established a new platform within industrial and commercial supply chains, with more than 105,000 product dispensing and leased devices across 23 device types in 25 countries that generated more than $1.1 billion in sales in 2019.

Is your company an industrial distributor? Take ID's 2020 Survey of Distributor Operations and be entered to win one of five $10 AmEx gift cards. Information and survey link here.

In connection with this transaction, Fastenal purchased a perpetual and unfettered use of key patents, designs, software and licenses, as well as direct access to the supply chain.

Terms and conditions of the transaction were not disclosed. 

Apex Logo Primary Update Cmyk"Fastenal’s founder, Bob Kierlin, conceived of industrial vending at the company’s inception in 1967. Our relationship with Apex in 2008 helped to make the industrial vending solution scalable," Fastenal president and CEO said in the filed 8-K. "This transaction allows both organizations to move forward with their unique strategic plans while still providing an avenue for additional collaboration. I thank Kent Savage, Apex’s founder and CEO, for his partnership and contribution to our business over the last twelve years and wish him success as he focuses Apex’s energy on the food and retail sector.”

The 8-K quoted Savage: “Our collaboration with Fastenal has created a world-wide best practice for distributing MRO materials. Fastenal's adoption and deployment of automated dispensing technology combined with its singular fulfillment capabilities delivers tremendous efficiencies, productivity, and cost-savings to its customers every day. Working with Dan Florness and Fastenal's visionary leaders has been an honor and a pleasure. Apex is proud to have been a part of Fastenal's exceptional success and we look forward to continued collaboration with them in the future.”

Fastenal will report its sales and earnings for its first quarter of 2020 on April 14.

Sours: https://www.manufacturing.net/home/news/21125592/fastenal-buys-assets-of-apex-industrial-technologies
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Fastenal Company FAST has been focusing on the industrial vending process that has the potential to revolutionize the industrial distribution system and increase profitability. Recently, the company announced that it has purchased certain assets of Apex Industrial Technologies LLC (“Apex”). However, the terms of the deal have been kept under wraps.

Since 2008, both Fastenal and Apex have worked together in developing more than 105,000 product dispensing and leased devices across 23 device types in 25 countries. Apex has created and developed the software, designed the equipment, as well as built the vending equipment supply chain. Conversely, Fastenal has provided the technology with industry expertise and a marketplace. Notably, this leading solution in the industrial and commercial marketplace generated sales of more than $1.1 billion in 2019.

In addition to certain assets, Fastenal also bought a perpetual and unfettered use of key patents, designs, software and licenses, along with a direct access to the supply chain.

Notably, Fastenal adopted FAST Solutions to revolutionize the industrial distribution system and increase profitability with the automated dispensing technology. Sales through vending machines grew strongly in both 2017 and 2018. Moreover, in 2019, the same grew at a double-digit pace, primarily due to higher installed base.

At 2019-end, the company operated 89,937 vending machines, up 10.8% from the prior year. In 2020, it projects to sign 22,000-24,000 vending devices, suggesting an improvement from 21,857 signed in 2019.

Shares of the company have gained 0.9% in the past six months against the industry’s 13.8% fall. Fastenal’s aggressive investment to boost onsite locations, vending machines count and the e-commerce business is driving growth.



However, slower demand in end-markets served and for lower-margin non-fastener products has been the primary cause of concern for Fastenal over the last few quarters. Also, the recent economic slowdown resulting from shutdowns due to coronavirus has raised concerns regarding the future. The Zacks Consensus Estimate for the company’s first-quarter 2020 earnings — scheduled to be released on Apr 14 — is pegged at 32 cents, indicating 5.9% year-over-year decline.

Zacks Rank & Stocks to Consider

Fastenal — which shares space with Beacon Roofing Supply, Inc. BECN in the same industry — currently carries a Zacks Rank #4 (Sell).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Two better-ranked players with solid near-term prospects in the same space are Lumber Liquidators Holdings, Inc. LL and BMC Stock Holdings, Inc. BMCH.

Lumber Liquidators and BMC’s EPS growth rate is projected at 32.8% and 9%, respectively, for 2020.

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Sours: https://www.yahoo.com/now/fastenal-acquires-apex-assets-fortifies-150503907.html
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