PE-backed AFC Industries acquires Boulder

AFC Industries, which is backed by Incline Equity Partners, has acquired Des Moines, Boulder-based The Boulder Company, a provider of industrial components to original equipment manufacturers. No financial terms were disclosed. Twin Brook Capital Partners served as administrative agent on financing to support the transaction, according to a source familiar with the transaction.


AFC Industries, Inc., a portfolio company of Incline Equity Partners, has announced that it has completed an acquisition of The Boulder Company (“Boulder”), a value-added distributor of industrial components to original equipment manufacturers. Headquartered in Des Moines, Iowa, Boulder has established a strong reputation in the Midwest for providing quality supply chain and industrial component distribution solutions to its customers from its four locations across Iowa, Nebraska, and South Dakota.

Boulder CEO John Bruntz stated, “Boulder and AFC have a shared vision of providing outstanding service to our customers and treating them as partners. There was a cultural fit from the very beginning, and we believe partnering with AFC will provide lasting benefits to the customers and employees of Boulder.”

BCC Advisers, a Des Moines, Iowa-based investment banking firm, advised Boulder on the transaction.

About The Boulder Company
The Boulder Company, founded in 1978, is a value-added distributor of industrial components headquartered in Des Moines, IA. With its broad range of capabilities, it has become a trusted provider for original equipment manufacturers, original design manufacturers, and maintenance, repair, and operations customers throughout the Upper Midwest. For more information, please visit

About AFC Industries, Inc.
Founded in 1987, AFC Industries is a value-added provider of fastening and other assembly components headquartered in Fairfield, OH with additional offices across the United States. For more information, please visit