A pair of multi-generational Massachusetts bearing and motion control distributors has been combined into what its leaders say will be an industry front runner in New England — thanks to an assist from around 1,000 miles away.
After marking a century in business in 2019, the owners of BSC Industries, like those of many other family-run distributors, faced difficult decisions about how their business would proceed.
Jim and Peter Fitzpatrick were the second generation of their family to own what was originally known as Bearings Specialty Company, a Boston firm that supplied surplus World War I-era bearings to manufacturers and machine shops. Their father, James, became co-owner of the company in the early 1960s, and over the following six decades, the business added a sweeping range of additional parts — from power transmission products, motors and drives to linear motion, motion control, electrical, pneumatic and automation components.
Along the way, the company expanded to seven locations across New England – including a new headquarters in Canton, Massachusetts – and changed its name to better reflect its broader product portfolio.
BSC Industries
Eventually, however, the Fitzpatricks determined that after some 30 years as co-owners, the “time was right” to add another investor to facilitate BSC’s growth — and, in another increasingly common refrain throughout the distribution sector, that partner would end up being a private equity firm.
Benford Capital Partners of Chicago announced its acquisition and recapitalization of the company last August. Jim Fitzpatrick would step aside from his day-to-day management role, while Peter stayed on as chief executive. Jim Fitzpatrick said that the company selected Benford due to the firm’s experience as “supportive stewards” scaling family-owned companies.
Benford, attracted by BSC’s lengthy history, customer relationships and growth trajectory, vowed to further invest in the distributor’s sales, services and operations and indicated that it would “actively pursue” acquisitions.
It took more than a year, but BSC finally secured an initial bolt-on deal following the Benford investment; in mid-August, the company announced its acquisition of another family-owned suburban Boston distributor: Warren Pike of Hopkinton.
The company, officially known as J.G. Industries Inc., included Warren Pike and regional subsidiaries Cohen Machinery and W.M. Steele. It has served industrial customers for 75 years, including more than 50 under John Gibney and, later, Jim Gibney, providing power transmission, motion control and fluid power products.
Peter Fitzpatrick said the arrangement would expand BSC’s products and service capabilities to Warren Pike’s customers, as well as create cross-selling and cross-supplying opportunities across the combined business.
“Jim and his team have built a terrific company over the past 50-plus years by providing exceptional customer service to its loyal customer base,” Peter Fitzpatrick said.
Gibney will stay on as a senior sales advisor; all Warren Pike employees were expected to be retained in the merger, and Gibney noted that the deal would allow it to expand its workforce as well as its products and customer service.
Benford officials, meanwhile, vowed to work to “further develop and grow” BSC following the addition.
