High Road Capital, a private equity firm, has purchased General Tools & Instruments. General Tools, founded in 1922, manufacturers a wide range of hand tools, accessories, and measuring instruments.
According to press materials:
Joe Ennis, Chief Executive Officer of General Tools & Instruments, said, “General remains focused on providing its customers with feature-rich, value-oriented specialty hand tools and test instruments. We look forward to working with High Road and continuing the company’s successful expansion.” Mr. Ennis will continue to lead the company post-closing. He and the other members of General’s management team invested in the transaction alongside High Road.
It remains to be seen what kind of changes the acquisition will bring.
General Tools is not the only tool manufacturer to fall under the ownership of an equity firm. As discussed in our guide to tool brands and corporate affiliations, Jet, Wilton, Powermatic, and all of the brands in the Apex Tool Group portfolio, including well-known brands such as Armstrong, Crescent, Gearwrench, and Weller, are also owned by private equity firms.