TriMas Corp., Bloomfield Hills, Mich., a diversified global manufacturer of engineered and applied products, has acquired Mac Fasteners Inc. for $34 million, with additional contingent consideration of up to $6 million, payable based on attainment of future operating results. The purchase price is subject to a net working capital adjustment as of the closing date. The transaction closed on Oct. 25, 2013, at which time Mac Fasteners became part of the TriMas Aerospace & Defense segment.
"Mac Fasteners will enhance our product offering and add content to our platform serving the growing aerospace industry," says David Wathen, president and chief executive officer of TriMas Corp. "This acquisition complements our growth strategies for our aerospace-focused businesses by providing additional content, and broadens our distribution channels and customer base, while providing a more flexible manufacturing footprint."
Mac Fasteners manufactures and distributes stainless steel aerospace fasteners, globally utilized by OEMs, aftermarket repair companies, and commercial and military aircraft producers. Headquartered in Ottawa, Kan., Mac Fasteners generated approximately $17.5 million in revenue for the 12 months ended Sept. 30, 2013.
"The acquisition of Mac Fasteners broadens our product offering and provides additional access to large global customers in the aerospace OE and aftermarket," says David Adler, president of TriMas' Aerospace and Defense segment. "This combination will enable us to better serve the needs of both companies' customers by providing a superior product portfolio and provide additional manufacturing capability and flexibility."
TriMas's Aerospace and Defense segment is comprised of Monogram Aerospace Fasteners, Martinic Engineering, and NI Industries.
Source: TriMas Corp.