Acquisitions in Ohio in 2014

Pillsman Partners, Banyan Investment Partners and Pine Street Capital Partners have completed a recapitalization investment in SST Conveyor, the conveyor components division of SST Bearings (Loveland, Ohio). SST Bearings and its shareholders retain a significant ownership stake and will continue operational oversight; the investment is intended to fund growth initiatives and improve service to the company’s material-handling and distribution customers.

P&F Industries, Inc. acquired substantially all assets of Air Tool Service Company (ATSCO) via a newly formed subsidiary, with the business becoming a wholly owned subsidiary of P&F’s Hy‑Tech Machine, Inc. The purchase price was approximately $7.659 million in cash plus assumption of certain payables and liabilities; P&F said the acquisition is expected to be immediately accretive and to bolster Hy‑Tech’s industrial pneumatic tool offering.