26 THE DISTRIBUTOR’S LINK Richard Hagan Richard P. Hagan is the president of Pinnacle Capital Corporation, a boutique investment banking firm which specializes in providing merger & acquisition advisory services to the global fastener industry. Hagan has more than twenty-three years of international investment banking experience and has worked on successful domestic and cross-border M&A transactions, corporate restructurings and capital raisings. Hagan earned a B.A. in Economics from the University of North Carolina at Chapel Hill and an M.B.A. in Finance from Fordham University in New York City. Contact: Phone: 212-267-8200 or Email: rphagan@pinnaclecapitalcorp.com. FASTENER COMPANY ACQUISITIONS COMPLETED DURING THE FIRST HALF OF 2014 In this issue, we will briefly review all the fastener company acquisitions - a total of 16 worldwide - completed during the first half of 2014. Of course, it is impossible to track every single fastener company transaction because many deals involving private companies are not publicly disclosed. That said, we believe the following list is the most comprehensive - and detailed - you will find. On January 6, 2014, Tramec Sloan LLC purchased Crawford Machine Inc. (“CMI”). Founded in 2001 and located in Galion, Ohio, CMI manufactures brass fittings and air brake hose assemblies for the North American heavy-duty truck and trailer market, along with various other general industrial markets. CMI products are sold directly to the largest tractor / trailer OEMs, through the traditional tractor / trailer aftermarket and through industrial distributors and catalog houses. CMI employs a total of 135 people at its 144,000 square foot headquarters location. Based in Holland, Michigan, Tramec Sloan manufactures a diverse range of air brake and electrical components for the heavy-duty tractor and trailer market. Tramec Sloan is a wholly-owned subsidiary of Tramec LLC, which is a portfolio company of MacLean Investment Partners LLC, the private equity investment company of the Barry L. MacLean family. Other Tramec business units include: Tramec Continental-Aero LLC (nylon insert locknuts); Tramec Hill Fastener LLC (screws & bolts); Tramec HDSS LLC (heavy duty suspension components); and MacLean Crewson LLC (brake adjusters). Purchase price: not available On February 3, 2014, Jinhap Co. Limited purchased Semblex Corp. Founded in 1968 and located in Elmhurst, Illinois (a Chicago suburb), Semblex is a manufacturer of coldheaded, externally-threaded fasteners and made-to-print specialty components for the automotive, heavy truck, farm equipment and general industrial markets. Semblex, a privately-owned company, operates four separate manufacturing plants in the Elmhurst area and employs more than 200 people. Founded in 1978 and headquartered in Daejeon, South Korea, Jinhap is a manufacturer of cold-headed and machined fasteners for the automotive industry. A privately-owned company with more than 1,200 employees, Jinhap operates four manufacturing plants in South Korea and two plants in China (expanding to four during 2014). Jinhap generated net sales of 0.7 million in calendar 2013. Like Semblex, Jinhap is a licensee of the following proprietary fastener product lines: Delta PT®; TAPTITE 2000®; TORX Plus® Drive System and MAThread®. Purchase price: not available On February 14, 2014, Doncasters Group Limited (“Doncasters”) purchased Automatic Screw Machine Products Co. Inc. (“Automatic SMP”). Founded in 1948 and located in Decatur, Alabama, Automatic SMP is a niche manufacturer of premium-quality fasteners, fitting components and made-to-print specialty parts which are machined from high-strength alloys and/or stainless steel. The major end-user industries served by Automatic SMP include: aerospace & defense; agriculture & construction equipment; commercial transportation; and oil & gas refining / processing. Headquartered in Burtonupon-Trent, England, Doncasters is an international engineering group that manufactures precision components and assemblies for aerospace, industrial gas turbine, automotive turbocharger and specialty industrial applications. The company’s fastener division - Doncasters Fastener Systems - is comprised of Nelson Stud Welding Inc., The Ferry Cap & Set Screw Company, Specialty Bar Products Company, Erie Bolt Corporation and Bulldog Barrels LLC. The seller of Automatic SMP was Lawson Products Inc. (Nasdaq: LAWS) a Chicago-based, 0+ million in net sales distributor of MRO industrial supplies. Purchase price: .5 million please turn to page 162
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