Posted April 1, 2020

Fastenal acquires Apex Industrial Technologies assets

The two companies have worked together since 2008.

According to a recent report, Fastenal has acquired certain assets of Apex Industrial Technologies.

Terms of the deal were not released, according to a Yahoo Finance report.

Since 2008, the two companies have worked together to develop more than 105,000 product dispensing and leased devices across 23 types of devices in 25 countries. Apex has developed the software, designed the equipment, as well as its vending equipment supply chain, according to the report. Conversely, Fastenal has provided the technology with industry expertise and a marketplace.

The report says that Fastenal also bought a perpetual and unfettered use of key patents, designs, software and licenses, along with a direct access to the supply chain. Notably, Fastenal adopted FAST Solutions to revolutionize the industrial distribution system and increase profitability with the automated dispensing technology.