SPRING 2012

172 THE DISTRIBUTOR’S LINK
REVIEW OF THE FASTENER COMPANY ACQUISITIONS COMPLETED IN 2011 continued from page 170
On August 2,
2011, Nord-Lock
International AB
purchased Superbolt Inc. and P&S Vorspannsysteme AG.
Superbolt designs and manufactures a range of
proprietary multi-jack tensioners, expansion bolts and
torque bolts used in safety-critical applications typically
involving high-pressure and/or high-vibration
environments. End-user industries utilizing Superbolt
products include: oil & gas, petrochemical, power
generation, mining, shipbuilding and heavy equipment.
Founded in 1984, Superbolt is located near Pittsburgh,
Pennsylvania and employs approximately 85 people.
P&S Vorspannsysteme (in English, “P&S Tensioning
Systems”) is the European sales and marketing
company for Superbolt products. P&S focuses
exclusively on the Superbolt product range and is based
in St. Gallenkappel, Switzerland. Headquartered in
Mattmar, Sweden, Nord-Lock International is a niche
manufacturer of proprietary lock washers and locknuts.
Purchase price: not available.
On August 9, 2011,
Performance Fasteners Limited
purchased the Hydro Stainless
Fasteners division of RPS
Engineering Limited. Hydro Stainless Fasteners (“HSF”)
is a small-batch manufacturer of precision-machined,
externally-threaded fasteners and related components
produced from stainless steel and other exotic metals.
Following the transaction closing, the machinery and
select staff of HSF were relocated from Birmingham to
the Performance Fasteners factory in West Bromwich,
United Kingdom. Performance Fasteners manufactures
and distributes socket screws, specialty fasteners and
made-to-print machined parts using cold-heading, hotforging
and bar-turning production. The company
supplies a broad range of high-end industrial customers
in the UK and European markets. Purchase price: not
available.
On August 17, 2011,
Schüring & Andreas
Groupe purchased Max Mothes GmbH & Co. KG from the
founding family. Max Mothes is a value-added
distributor of fasteners and related assembly hardware
serving the European marketplace. Founded in 1918
and based in Düsseldorf, Germany, Max Mothes also
manufactures standard and specialty fasteners at its
ultra-modern warehouse / factory in nearby Neuss
(outside Düsseldorf). The company employs 230 people
and generated net sales of approximately EUR42 million
in 2010. Max Mothes filed for bankruptcy in early 2011
and was sold via a competitive bidding process
conducted by a German insolvency administrator.
Schüring & Andreas is a Berlin-based investment
partnership that specializes in distressed companies
and turn-around situations. Schüring & Andreas invests
for the long-term in German manufacturing companies
and the partners typically become actively involved in the
management of portfolio companies. Purchase price: not
available.
On August 26, 2011,
Greenbriar Equity Group LLC
purchased the Aerospace Hardware
division of Anixter International Inc.
(NYSE: AXE). Upon completion of this transaction,
Anixter’s Aerospace Hardware division was renamed
Align Aerospace. Align Aerospace is a global distributor
of fasteners and related hardware to the aerospace
market. The company has more than 1,100 customers
and provides logistics and supply chain management
services to virtually all segments of the aerospace and
defense industries. Align Aerospace is headquartered in
Chatsworth, California and also maintains full-service
warehouses in: Arlington, Texas; Collegien, France
(outside Paris); and Boucherville, Canada (near
Montreal). The company employs approximately 325
people worldwide. In the 1st half of 2011, Align
Aerospace generated net sales of $94.1 million and
EBITDA of $12.0 million. Greenbriar Equity Group is a
Rye, NY-based private equity firm with $1.5 billion of
committed capital. Greenbriar invests exclusively in the
global transportation industry, including aerospace and
defense companies. Purchase price: $185 million ($155
million cash and a $30 million earn-out).
On August 29, 2011, Audax
Group purchased Elgin Fastener
Group LLC (“EFG”) from a fund
which is jointly managed by GFI
Energy Ventures LLC and Oaktree Capital Management
LLC. Elgin Fastener Group manufactures a diverse range
of cold-headed, externally-threaded, specialty and semistandard
fasteners. The company is comprised of three
principal business units: Ohio Rod Products in
Versailles, Indiana; Leland Powell Fasteners in Martin,
Tennessee; and Chandler Products in Cleveland, Ohio.
Each EFG business unit produces a distinctly different
product range for separate industrial applications and
end-user markets. GFI Energy Ventures and Oaktree
Capital acquired EFG in March 2007 when they
purchased Elgin National Industries Inc. Audax Group,
founded in 1999, is a Boston-based private equity firm
with more than $4.8 billion of capital under
management. Purchase price: not available.
please turn to page 176