As its eighth acquisition since 2022, the deal expands NEFCO’s branch network to 41 U.S. locations.
Construction and contractor supplies distributor NEFCO acquired Pennsylvania-based Modern Fasteners Inc., marking its second acquisition of the year and its eighth since 2022.
Terms weren’t disclosed for the deal, which brought NEFCO’s branch network to 41 locations in the U.S.
Modern Fasteners’ solo location in Feasterville, PA stocks a variety of major brand power tools, safety equipment, industrial supplies and fasteners.
Founded in 1970 under William Damm as Modern Tool & Equipment, Modern Fasteners rebranded in 1998, at which point its co-owners included Gary Damm and Michael Damm. William retired in 2004, followed by Gary in 2016, leaving Michael as the sole owner. His wife Marie joined the family business, and they led the company to today.
“We are all excited to be joining forces with Mike, Marie and the rest of the great team at Modern,” NEFCO President and CEO Matthew Gelles said in a July 10 news release. “Modern Fasteners has a tremendous reputation for great customer service and has built a strong and loyal customer base throughout the greater Philadelphia market. We are honored to have been chosen to be their partner for this next chapter in Modern’s history.”
Modern Fasteners is a member of STAFDA and Sphere1.
“Modern Fasteners is thrilled to now be part of the NEFCO family and sharing in the vision that NEFCO has for the future”, Marie and Mike Damm added. “Their integrity and commitment to their associates and customers aligns perfectly with Modern’s philosophy. We’re looking forward to the many opportunities now available to our associates, along with a much broader range of products available to our customers.”
This past April, NEFCO acquired Phoenix-based construction, pipeline and industrial supply distributor Unicoa.
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Mike Hockett
Mike Hockett is MDM’s executive editor, having joined the publication in March 2022. He oversees MDM’s editorial content and direction, coordinates with contributing authors, conducts interviews with executives in the wholesale distribution space and serves as the editorial face of MDM at industry events. He has extensively covered the distribution and manufacturing sectors since 2014. Hockett works from his home in Madison, WI. He can be contacted at mike@mdm.com.
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