New York private equity firm GenNx360 Capital Partners has acquired B2B Industrial and the assets of AMW Packaging Supply, which will give the company a boost in the industrial packaging space, according to a press release.
Both companies work in packaging supplies and equipment, and both also offer tool and equipment servicing and repairs, the release stated. B2B Industrial is based in Illinois, while AMW is based in Arizona.
Current B2B Industrial President Bill Drake will assume the role of CEO of operations of the combined companies, while current AMW Packaging CEO Chuck Farguson will take over as president of B2B Industrial's west operations, the release stated. AMW Packaging will continue to operate out of its Phoenix, Arizona, location.
Drake said in the release that B2B Industrial and AMW Packaging complement one another, and that the company could offer a more wide-ranging set of possibilities for customers going forward.
Rishi Verma, GenNx360 vice president who led the transaction on behalf of GenNx360, said in the release, "B2B Industrial and AMW Packaging Supply have been disruptors within the industrial packaging space, achieving outsized growth in an industry that GenNx360 believes to be very attractive."
The pandemic had disastrous effects on global supply chains, shutting down much of the efficient chains that had long held for years. But firms adapted quickly, with even small- to medium-sized businesses (SMBs) finding ways to reroute operations as the world changed in a matter of weeks.
The pandemic also forced B2B firms to look closely at how they paid each other, and analyses found that companies that worked together and found new ways to keep in business were the ones most likely to survive the crisis.
Ron Blaylock, GenNx360's founder and managing partner, said the new acquisitions reflect "strength and resilience" and show GenNx360 can be "creative" in bringing others together.