American Packing & Gasket (APG), a distributor and manufacturer of a range of industrial products, announced that Joe Stephens has joined as Chief Executive Officer. Former CEO Matt Dunn will remain with APG on the board of directors. APG is backed by Capstreet, a Houston-based lower middle market private equity firm.
“Having spent his entire career in industrial manufacturing, Joe has a deep understanding of the opportunities and challenges in this space,” said Paul De Lisi, partner at Capstreet. “This knowledge, combined with his two decades of building and leading companies, makes him a great fit for APG.”
Stephens was most recently president and CEO of Motor City Industrial, an industrial supplier of fasteners, bearings, and consumable products, where he led the closing and integration of four strategic acquisitions during his tenure. Previously he spent more than 15 years at Fastenal, a distributor of industrial and construction products, serving in various leadership positions.
He holds both an MBA and a B.A. in business from the University of Kansas.
“I look forward to working closely with the APG and Capstreet teams to build upon the Company’s long-time customer relationships and history of quality products, while identifying new opportunities for APG’s innovation and growth,” said Stephens. “I believe that APG is well positioned to take advantage of attractive tailwinds in the industrial sector today.”
“We are eager to leverage his skills as we seek new ways to continue to grow the company,” added De Lisi. “We’re delighted to welcome Joe to APG, and at the same time, we want to recognize Matt for his many contributions to the company over the years.”