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I’ve been hearing rumors that SK Tools is up for sale by Ideal Industries, their current owner. If you don’t mind the earlier writing, I posted about Ideal’s acquisition of SK Tools 10+ years ago here.
If you recall, Ideal Industries shut down Western Forge, one of their USA-based hand tool brands, in early 2020. So, news that SK Tools might be sold off is a big deal, even if it’s unconfirmed.
Western Forge, USA Hand Tool Brand and Former Sears Craftsman Supplier, is Closing
Jori Sackin, from Harry Epstein Co, recently put up a video discussion these recent rumors.
They believe that it is highly credible that Ideal is looking to sell SK Tools, and that there are two potential buyers – Greatstar and possibly Bain Capital (Apex Tool Group).
A slightly less credible rumor, in their opinion, is that the brand has already been sold to Greatstar and that it only has not yet been announced.
Greatstar has acquired quite a few USA tool brands in recent years, such as Arrow, Goldblatt, Pony, Jorgensen, and most recently, Shop Vac.
In their video, Jori mentions that SK Tools has “already downsized” and “eliminated some of their manufacturing capabilities.” So, although everything is only rumor and hearsay now, an acquisition wouldn’t be out of the blue.
This is a developing story. If you have any information as to what’s going on here, please let us know!