Hultafors Group AB acquired Martinez Tool Co. on October 3, 2022. Martinez Tool Co. is a tool company based in California and manufactures tools for the professional craftsman.
“We are deeply impressed by the innovation level and end user engagement of Martinez Tool Co. that has quickly gained the brand recognition among professional end users who are only satisfied by best-in-class product performance and customer service experience. Our intention is to build on this strong heritage and continue to operate Martinez Tool Co. as a separate brand in our existing portfolio,” says Pete Chatel, president of Hultafors Group North America.
Hultafors Group says the acquisition is part of the company’s strategy to broaden its product portfolio with innovative brands for professional end users and to help the company to further penetrate the U.S. market.
“I see Hultafors Group as the perfect long-term owner for Martinez Tool Co as they share my passion for innovation, superior quality, and customer service. We already have many exciting projects planned and look forward to starting this journey together,” says Mark Martinez, CEO and founder of Martinez Tool Co.
Martinez Tool Co had $6 million in revenue 2021 with high double-digit growth and a profitability above Hultafors Group.