Since its initial public offering in 1995, MSC Industrial Direct has become one of the largest industrial distributors in the United States. It is especially well known in the metalworking industry, where we estimate it enjoys a low-double-digit market share. MSC is conservatively capitalized, but it is not afraid to flex its balance sheet when the right opportunity presents itself. The company spent $900 million to acquire J&L Industrial Supply in 2006 and Barnes' North America distribution business in 2013, which bolstered its metalworking and inventory management products and services.