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HARBOUR GROUP ACQUIRES PEARL ABRASIVE CO. AND KEYSTONE TOOLS

November, 06

Pearlman product included a broad line of diamond cutting wheels, abrasives and related products.

The parent company of Pearl Abrasive Co. and Keystone Tools, Pearlman Corporation, announced today that it has been acquired by Harbour Group. Pearlman is a leading developer and supplier of branded, high-quality abrasives, diamond cutting products, and related products. Terms of the transaction were not disclosed.

Pearlman was founded here in 1968. The company's products include a broad line of diamond cutting wheels, abrasives, chemicals, power tools and related products for stone fabricators, tile installers and construction contractors in both the residential and commercial construction markets.

Zack Pearlman, President of Pearlman, commented, "Our team has done an excellent job positioning both the Pearl Abrasive and Keystone businesses as leaders in the abrasives and diamond cutting tools market. Harbour Group has a keen understanding of our industry and we are fortunate to have them as a partner. Their long history of successfully growing companies like Pearlman will be a huge asset to us as we pursue our strategy."

Sam Fox, Harbour Group's Chairman and CEO, commented, "Pearlman is a really great business in a sector we understand well. The Pearl Abrasive brand is synonymous with quality, service and innovation, and as a result, Pearlman enjoys leading market shares in its served markets and a devoted and diverse customer base. We believe there are opportunities for further penetration of its existing markets, entry into new markets and geographies, and continued development and introduction of new products. Pearlman's markets are both large and highly fragmented, and we will aggressively pursue complementary acquisitions."

Mr. Fox also emphasized that Harbour Group's acquisition will allow the company to continue to pursue its growth strategy. He commented, "Zack and his team created significant value through the innovative development of the highest quality products, a focus on superior customer service and the development of the Keystone distribution model. We intend to dedicate all our resources to continuing that legacy, and in particular, to extending the Keystone footprint."

 
 
 
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