Fastenal Co., Winona, MN, purchased certain assets of Apex Industrial Technologies on March 30, according to an 8-K filed by the company on March 30.
Over the past 12 years, Apex has provided Fastenal with thousands of industrial vending machines, and the distributor is generally considered to be the leader in the use of this on-site sales tool at industrial and commercial locations. According to the 8K, since 2008 Fastenal bought “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.”
Fastenal said in its 8K that Apex created and developed the software, design the equipment, and build the vending equipment supply chain, while it brought industry expertise, presence in the marketplace, and a willingness to bring the platform to market.
Fastenal’s President and CEO, Dan Florness, said in the 8K, “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. This transaction allows both organizations to move forward with their unique strategic plans while still providing an avenue for additional collaboration.”
According to the 8K, “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.”