Key Takeaways
- • Foundation Investment Partners closed two platform investments in American Key Supply (Las Vegas-based locksmith distributor) and Tebco of Kentucky (custom dump body manufacturer), representing expansion into niche industrial sectors within FIP's core EBITDA range of $1 million to $10 million.
- • American Key Supply, founded in 2009 and relocated to Las Vegas in 2011, will remain under founder and CEO Cary Stevens post-investment, with FIP providing capital and operational support to accelerate growth while maintaining company culture and values.
- • Tebco of Kentucky, established in 1991 and vertically integrated since 2004 with in-house steel and aluminum dump body manufacturing, serves mining, aggregate, construction, and industrial sectors across the eastern United States with manufacturing facilities in Richmond, Winchester, and Stanton, Kentucky.
- • FIP's investment strategy focuses on embedding its team with smaller business owners to provide hands-on support, guidance, and resources, with existing portfolio holdings including Paper Converters, AAA Industrial Supply, and Spartan Tool Supply.
- • Both acquisitions preserve founder and family operational leadership—Cary Stevens retains CEO responsibilities at American Key Supply while Brandon Faulkner (successor to founder Mike Faulkner) continues as president at Tebco.
Summary
Foundation Investment Partners has closed two platform investments targeting niche industrial distributors and manufacturers. American Key Supply, a Las Vegas-headquartered distributor of locksmith hardware and supplies, and Tebco of Kentucky, a custom dump body manufacturer, represent FIP's latest expansion within its stated investment thesis focused on companies generating $1 million to $10 million in EBITDA.
American Key Supply, founded in 2009 by locksmith Cary Stevens in the San Francisco Bay Area, offers a comprehensive product suite including automotive and commercial keys, remotes, programming tools, key-cutting machines, and specialized locksmith consumables to professional locksmiths nationwide. The company operates Locksmith University, an educational initiative providing instructional videos and hands-on training to industry professionals. Following its 2011 relocation to Las Vegas, the company positioned itself for improved logistics across western U.S. markets. Stevens will remain as chief executive officer following the FIP investment, underscoring the firm's approach of maintaining existing leadership and company culture during ownership transitions.
Tebco of Kentucky, founded in 1991 by Mike Faulkner and headquartered near Lexington in Richmond, Kentucky, manufactures custom dump bodies and distributes truck equipment across eastern United States markets, serving customers in mining, aggregate, construction, and industrial operations. The company shifted to vertical integration in 2004 by developing in-house steel and aluminum dump body manufacturing capabilities after third-party suppliers proved unable to meet demand. Tebco has expanded its production footprint through facilities in Winchester and Stanton, Kentucky, with a $2 million facility expansion in Stanton completed in 2021. Brandon Faulkner, Mike Faulkner's successor, now serves as president.
FIP, founded in 2009 and based in Solon, Ohio, embeds operational teams directly with acquired company owners and management to provide strategic guidance and capital resources. The firm's existing portfolio includes Paper Converters, AAA Industrial Supply, and Spartan Tool Supply, representing similar niche market positions within industrial distribution and manufacturing. Both American Key Supply and Tebco represent continuity plays where founding operators and their successors maintain operational control while accessing FIP's resources for scaled growth and infrastructure development.
American Key Supply, founded in 2009 by locksmith Cary Stevens in the San Francisco Bay Area, offers a comprehensive product suite including automotive and commercial keys, remotes, programming tools, key-cutting machines, and specialized locksmith consumables to professional locksmiths nationwide. The company operates Locksmith University, an educational initiative providing instructional videos and hands-on training to industry professionals. Following its 2011 relocation to Las Vegas, the company positioned itself for improved logistics across western U.S. markets. Stevens will remain as chief executive officer following the FIP investment, underscoring the firm's approach of maintaining existing leadership and company culture during ownership transitions.
Tebco of Kentucky, founded in 1991 by Mike Faulkner and headquartered near Lexington in Richmond, Kentucky, manufactures custom dump bodies and distributes truck equipment across eastern United States markets, serving customers in mining, aggregate, construction, and industrial operations. The company shifted to vertical integration in 2004 by developing in-house steel and aluminum dump body manufacturing capabilities after third-party suppliers proved unable to meet demand. Tebco has expanded its production footprint through facilities in Winchester and Stanton, Kentucky, with a $2 million facility expansion in Stanton completed in 2021. Brandon Faulkner, Mike Faulkner's successor, now serves as president.
FIP, founded in 2009 and based in Solon, Ohio, embeds operational teams directly with acquired company owners and management to provide strategic guidance and capital resources. The firm's existing portfolio includes Paper Converters, AAA Industrial Supply, and Spartan Tool Supply, representing similar niche market positions within industrial distribution and manufacturing. Both American Key Supply and Tebco represent continuity plays where founding operators and their successors maintain operational control while accessing FIP's resources for scaled growth and infrastructure development.
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