MCLEAN, VA – December 17, 2019 – The McLean Group is pleased to announce that it advised Fastener Technology Corporation (“FTC”) on its sale to Shimtech Industries Limited, which is backed by Infexion Private Equity and Auctus Industries. Terms of the transaction were not disclosed.
FTC, headquartered in North Hollywood, California, designs and manufactures high-strength, specialty fasteners for commercial and military aerospace applications. FTC’s client base includes over 400 customers worldwide, with many of these relationships spanning multiple decades. Lockheed Martin, Click Bond, Northrop Grumman, Boeing, Raytheon and Wesco International are among FTC’s long-term customers.
The existing management team, led by President Dennis Suedkamp, will continue to operate and grow the business, now aided by Shimtech’s resources.
Mark Stacey, Board Member and Co-Trustee of FTC, said, “Not having been through this type of process before, it was important that we engage an investment bank that knows the aerospace sector intimately and has the pedigree to design and manage a highly structured process. We couldn’t have been happier in our selection of The McLean Group as our partner. They provided strategic guidance, a high-level of professionalism and maximum effort throughout the sale process.”
“This transaction highlights the many opportunities that exist for well-positioned, specialized manufacturers of aerospace components,” said Greg Nossaman, Senior Managing Director, The McLean Group. “As a result of the highly fragmented nature of the market, companies that exhibit unique discriminators, such as FTC, can attract the interest of a number of buyer types and financing sources.”
Greg Woodford, Senior Managing Director of The McLean Group, added, “In this engagement, it was important to create a highly competitive transaction process and identify a partner that was a great strategic and cultural fit. Shimtech Industries fulfilled both objectives.”