Luther King Capital Management Corp.'s private equity arm, LKCM Headwater Investments, and its other affiliates are increasing their stake in Lawson Products Inc. to about 48% from approximately 29%.

An affiliate of LKCM agreed to pay $32 per share to acquire the remaining 1,713,787 Lawson common shares owned by Ronald Port and James Errant, who are members of the company's founding family, as well as their affiliates and related parties.

Lawson will not receive any proceeds from the sale, scheduled to close early in the first quarter of 2019.

Chicago-based Lawson sells specialty products to the industrial, commercial, institutional and government maintenance, repair and operations markets.