Cornwell Tools acquires business assets of KMC Holdings, including Kennedy Manufacturing
JVA Partners, LLC (JVA), an operationally-focused private investment firm, has agreed to sell the business assets of KMC Holdings LLC in Van Wert, OH that includes Kennedy Manufacturing Company to Cornwell Quality Tools Company (Cornwell).
JVA acquired the iconic Kennedy toolboxes company from bankruptcy in 2007 and turned it around to a viable manufacturer of storage solutions in the American manufacturing industry. Kennedy Manufacturing will continue to operate from its existing Van Wert location.
“It is a great opportunity to pass the custody of Kennedy Manufacturing and its 100 plus year legacy to another Ohio company," said JVA Managing Partner George Garifalis. "We are very confident that the strategic and complementary synergies between Kennedy Manufacturing and Cornwell will provide our customers with enhanced product and service capabilities, as well as accelerated growth and jobs in the community. We could not have chosen a better company to pass the baton to than Cornwell."
“We remain absolutely committed to our domestic manufacturing customers, tradesmen and users of Kennedy Manufacturing products; both Kennedy and Cornwell are very well aligned in terms of culture, community, customer service, and the belief that people make the ultimate difference” said Bryan Yourdon, president of Kennedy Manufacturing.
Cornwell’s 95 year history and commitment to US manufacturing reflects shared values with JVA. Cornwell plans to move all of its foreign tool storage production to the Kennedy facility. This acquisition will enhance Cornwell’s engineering design and production capabilities for new products, and new tool box features and benefits.
“Cornwell also plans on investing in equipment that will keep both lines running at maximum efficiency to keep up with demand” said Bob Studenic, president of Cornwell Quality Tools.
Cornwell believes this new relationship will benefit both brands and create opportunities for further expansion, according to JVA.