6309 Monarch Park Place, Suite 203
Niwot, CO 80503, USA
Phone (303) 443-5060
Toll free (888) 742-5060
The acquired business is a leading manufacturer of specialized fittings and cold-headed parts used in automotive and industrial applications. Products include specialty tube nuts, spacers, hollow extruded components, and locking nut systems used in brake, fuel, power steering, and engine, transmission and chassis applications. Products are supplied to OEMs as well as an array of global Tier I suppliers.
"We are very excited about this opportunity," said Grant Beard, president and CEO of TriMas. "Due to the recent reorganization of our fasteners division, TriMas is in a strong position to integrate this asset into our Fastening Systems Group. With an entirely new management in place now, the fasteners group is poised to build value and incremental business wins will surely follow."
"We believe that the fittings operations will fit strategically with our existing business lines and will provide multiple in-house design and engineering advantages across our entire organization," said Terry Campbell, president of the Fastening Systems Group.
The transaction was funded by a combination of drawings under the company's revolving credit facility and a cash equity contribution by Heartland Industrial Partners. TriMas will also sublease a related facility that is subject to a long-term lease by Metaldyne.
Due to the common affiliation of TriMas and Metaldyne with Heartland Industrial Partners, the TriMas Board of Directors relied on a fairness opinion in connection with the transaction.
TriMas' Fastening Systems Group consists of two businesses that were part of the company's Industrial Specialties Group ﾖ Lake Erie Products (which includes Entegra Fastener and Lake Erie Screw) and Monogram Aerospace Fasteners, Inc. The new group manufactures a wide range of ferrous, nonferrous and specialty alloy fasteners and provides specialized metallurgical and finishing services to a variety of customers.
Headquartered in Bloomfield Hills, Mich., TriMas is a diversified growth company of high-end, specialty niche businesses manufacturing a variety of products for the commercial, industrial and consumer markets worldwide. TriMas consists of 10 companies, employs nearly 5,000 employees at 80 different facilities in 10 countries. TriMas is organized into four strategic business groups: Cequent Transportation Accessories, Rieke Packaging Systems, Fastening Systems and Industrial Specialties. For more information, visit www.trimascorp.com.