Shimtech Industries, which is backed by Inflexion Private Equity and Auctus Industries, has acquired Fastener Technology Corp. No financial terms were disclosed. Based in North Hollywood, California, FTC is a supplier of specialty fasteners for commercial and military aerospace applications.
SANTA CLARITA, Calif., Dec. 16, 2019 /PRNewswire/ — Shimtech Industries is pleased to announce the acquisition of Fastener Technology Corp. (FTC), a North Hollywood based supplier of high-strength specialty fasteners for commercial and military aerospace applications.
FTC was founded by Bulent Gulistan in 1979 and has built a strong reputation as an innovative and reliable supplier serving more than 400 customers. Some customer relationships span multiple decades, including those with Lockheed Martin, Click Bond, Northrop Grumman, Boeing, Raytheon, and Wesco. The existing management team, led by President Dennis Suedkamp, will continue to operate and grow the business, now aided by Shimtech’s additional group resources.
Shimtech is owned by Inflexion Private Equity and Auctus Industries. With headquarters in Santa Clarita (CA), its aerospace divisions include four manufacturing facilities in the US, three in Europe and one in Mexico. Their C-Class Components Division specializes in the manufacture of high-volume metallic and composite detailed components which are complementary with FTC’s fastener products. This Division includes such well-respected companies as Lamsco, Attewell, and Bolsan which, together with FTC, will continue providing high-quality, on-time components to the commercial and military aerospace markets.
Dennis Suedkamp commented: “FTC is well-placed to capitalize on the significant growth opportunities that lie ahead. We are delighted to be partnering with Shimtech at this next stage of our development and look forward to providing innovative products with enhanced manufacturing capacity, while still supporting the development of our employees and the success of our customers.”
Brian Williams, CEO of Shimtech said: “The FTC team has built a fantastic business with an unrivalled reputation. We are excited about the complementary nature of our products and look forward to building on Mr Gulistan’s foundation as we serve our customers and take our business to the next level.”
Inflexion is a leading European mid-market private equity firm, investing in high growth, entrepreneurial businesses with ambitious management teams and working in partnership with them to accelerate growth. Auctus Industries is a specialist investor in aerospace businesses.
The sellers were advised by The McLean Group, a boutique investment bank with a leading aerospace, defense and government practice. The purchasers were advised by Drinker Biddle & Reath (Chicago), CDS (San Francisco), KPMG (London/Chicago) and Grant Thornton (Irvine).