AFC Industries is staying hot on the M&A front. On May 8, the Fairfield, Ohio-based industrial distributor announced its second acquisition in less than. a week in the form of fasteners distributor Fastbolt. Financial details of the transaction were not disclosed.
Founded in 1974, Fastbolt is a provider of services including supply chain management, kitting and assembly, sourcing and risk mitigation for fasteners and other components. Fastbolt serves the industrial equipment, automotive, electronics and telecom, and military and aerospace industries, among others, according to its website. The distributor is based in South Hackensack, New Jersey, and also operates branches in Youngsville, North Carolina; Charleston, South Carolina; Piedmont, South Carolina; Tamarac, Florida; and Dorval, Québec.
“We have worked hard through the years to build on our father’s legacy of taking excellent care of our customers through real partnerships with our employees,” Fastbolt CEO Glenn Zaukas, son of founder Albert Zaukas, said in a news release. “It was important to our family that we found a partner that would respect that and build on it. We are excited that Fastbolt will continue to be in the hands of owners who are committed to growing the business the ‘right’ way.”
“We have wanted Fastbolt as part of the AFC family for several years,” AFC CEO Kevin Godin said in the release. “They were one of the first businesses we reached out to when we launched our acquisition strategy. We are glad that when the time was right for the family to sell the business, they chose us. Our responsibility to be good stewards of these businesses is important to us and we are confident that together, the future is bright. Bringing these two businesses together makes both stronger in several ways and we look forward to working together to continue to build a legacy of excellence.”
Fastbolt is AFC’s fifth acquisition of 2023 and 10th since AFC was privately acquired by Bertram Capital in April 2021. AFC announced the acquisition of U.K.-based rubber sealing products distributor EAP International Limited last week and added Arlington, Texas-based fasteners distributor QFC Industries in late April.