VANCOUVER, British Columbia, March 29, 2023 (GLOBE NEWSWIRE) -- Regimen Equity Partners Inc. (“Regimen”) is pleased to announce its ninth platform investment, acquiring Thomas Skinner & Son Ltd. (“Thomas Skinner” or the “Company”), a generational, privately owned Canadian business with a storied 119-year history.
Founded in 1904 and headquartered in Richmond, British Columbia, with offices, showrooms and distribution centres in Edmonton, Calgary, and Winnipeg, Thomas Skinner is Western Canada's leading distributor of industrial metalworking equipment, such as CNC and conventional machine tools, cutting tools, and precision measuring instruments, among others. The Company holds multi-decade relationships with world-class, blue-chip original equipment manufacturers, such as Haas Automation Inc., Okuma Corporation, and Mitutoyo Corporation, and manufacturing tools suppliers, such as Sandvik Cormorant, Lenox Tools, and Harvey Tool. Thomas Skinner has exclusive and/or preferential distribution rights with many of its suppliers. In addition to its product offering, the Company provides comprehensive servicing, parts replacement, and education with specialized expertise in the major vendor product lines.
Thomas Skinner’s goal is to be “First Choice” among its customers by being the best specialty supplier of cutting tools, precision measuring instruments, and machine tools. The Company’s team of technical sales, service, and operations professionals across Western Canada provides the highest level of aftersales support to enable its customers to be competitive and a step ahead of today’s manufacturing challenges.
The Company supports almost all end markets, as machine tools play a critical role in manufacturing many of the world’s products by enabling manufacturers to produce highly engineered and precise products in an efficient and automated manner.
Paul Krainer, who took over the business his father purchased in 1973, commented: “It’s with mixed emotions that Sylvia, Vincent, and I part ways with Thomas Skinner. The legacy and continuity of Thomas Skinner were of upmost importance to us as we embarked upon our succession. We hired Ross McDonald 18 years ago and have been grooming him to take over leading the company. He has been running the day-to-day operations for the past five years. We have assembled the most experienced senior executive team and employee base in the industry. We are confident that the business is being left in the right hands, and we have no doubt that Ross, the senior management, the employees, and Regimen will be great stewards of the business.”
Ross McDonald, the newly appointed president, added: “I’m humbled to be leading Thomas Skinner going forward and excited to work with the Regimen team. Throughout the past few months, I have gotten to know the Regimen team and can confidently say they are the right partner for Thomas Skinner, as our common values and goals are aligned. I’d like to thank the Krainer family, who will be sorely missed. They have put great trust in me throughout the years, and their mentorship will not be forgotten.”
David Eisler, managing director at Regimen, commented: “Thomas Skinner is a true Canadian success story, and we are thrilled to be part of it. We are thankful to Paul Krainer and the entire family for building a great business. We wish the Krainer family all the best in their future endeavours. We look forward to growing Thomas Skinner, together with the team at Thomas Skinner. Machine tools represent a critical component of the overall economy, and we believe the market will continue to grow as companies look for reliable North American-based manufacturing and continue to invest in automation. This investment fits well with Regimen’s philosophy of investing in businesses that will continue to be around for generations to come.”
About Regimen Equity Partners
Regimen is a private equity firm specializing in the ownership transition of small to mid-size Canadian organizations. By partnering with skilled executives, we transform profitable enterprises into industry-leading players through strategic planning and best management practices. Forming meaningful and lasting relationships, Regimen creates significant wealth over the long term through a multi-decade approach of measured and sustainable growth. Regimen has offices in Vancouver and Toronto. To learn more about Regimen Equity Partners, visit www.regimenpartners.com.
For additional information, please contact Nancy Brown (nbrown@regimenpartners.com).
