Bertram Capital-backed AFC Industries announced Jan. 16 that it has acquired fellow Hazel Park, Michigan-based Motor City Industrial — a like distributor of fastener products and class-C components.
Terms of the deal were not disclosed. TM Capital served as the exclusive financial advisor to Motor City, which was a portfolio company of Kian Capital Partners and Oakland Standard Co.
Motor City Industrial was formed in 2017 through the merger of Motor City Fastener and EMCO. The company operates four local companies: Motor City Industrial (Hazel Park and Oxford Township, Michigan), EMCO Industrial (Charlotte, North Carolina), Quality Fastener (South Charleston, West Virginia) and Smith Fastener (Longview, Texas).
For more than 50 years, Motor City Industrial has provided products, processes and technology as a supply chain solution provider for U.S. manufacturers.
Similarly, Fairfield, Ohio-based AFC Industries is a distributor of fasteners and other low-cost/high-volume products and supply chain management solutions that include VMI, stock and release programs, light assembly, kitting and private label services.
AFC said Motor City will continue to be led by Joe Stephens and the company’s current management team.
“The Motor City acquisition strengthens our depth in a few key areas we were looking to grow,” AFC CEO Kevin Godin said in a news release. “What most impressed us though was the team and the commitment they have to providing excellent service to customers. Whenever we can add experienced and talented people who are already aligned with our culture, good things happen.”
“Joining the AFC team allows us to bring additional resources and scale to continue to build on what has made us successful and open additional opportunities for our customers and employees,” Stephans added. “We are excited and ready to start the next chapter.”
Since it was acquired by Bertram Capital in April 2021, AFC Industries has acquired Cline Tool (Newton, Iowa), Oregon Bolt (Portland, Oregon), Askew Industrial (Santa Fe Springs, California), Champion Bolt (Erie, Pennsylvania), AALL American Fasteners (Cinnaminson, New Jersey) and Heathfield and TCF Europe (Heathfield, United Kingdom).
In August 2022, Bertram announced an investment in fellow fasteners and construction supplies distributor NEFCO.