TriMas completes acquisition of Allfast Fastening Systems

Bloomfield Hills, Michigan – TriMas Corp. – a diversified global manufacturer of engineered and applied products – has completed its acquisition of Allfast Fastening Systems (Allfast) for approximately $360 million. The transaction closed on Oct. 17, 2014, at which time Allfast became part of the company’s Aerospace segment. TriMas officials announced the agreement to acquire Allfast on Sept. 22, 2014.

 

TriMas has approximately 6,000 employees at more than 60 facilities in 19 countries. The acquisition further strengthens TriMas’ growing aerospace business, is strategically aligned with the company’s objective to grow its higher margin business platforms, and will enable the company to better leverage expected strong growth rates in the aerospace sector. Allfast, headquartered in City of Industry, California, is a global manufacturer of solid and blind rivets, blind bolts, temporary fasteners, and installation tools for the aerospace industry with content on substantially all commercial, defense, and general aviation platforms in production and in service.

 

Allfast is AS9100: Revision C and NADCAP certified. Allfast’s continued commitment to 100% customer satisfaction and lean manufacturing has earned the company numerous customer awards, including the Boeing President's Award for Excellence, Airbus Strategic Partner Award, Embraer Supplier of the Year Award, Lockheed's Star Supplier Award, and Bombardier Certified Supplier Award. 

 

“We are pleased to welcome the Allfast employees to the TriMas family,” said Tom Aepelbacher, president of TriMas Aerospace. “Adding Allfast to our aerospace platform increases our leadership and growth potential in this attractive industry segment. The combined product sets of Monogram Aerospace Fasteners, Mac Fasteners, and Allfast uniquely position TriMas to benefit from platform-wide supply opportunities and to grow at a level in excess of industry aircraft build rates. In addition, we also expect to benefit from identified synergies, including leveraging combined purchasing activities, commercial initiatives, product development efforts, and sharing of better practices between businesses.”

 

The acquisition was funded through an underwritten incremental $275 million Senior Secured Term Loan A and additional borrowings under the Company’s existing $575 million Revolving Credit Facility. The incremental Term Loan A initially bears interest at LIBOR plus 1.875%, and may vary, consistent with the remainder of the Credit Facility, based on the company’s leverage ratio. The Term Loan A amortizes quarterly and matures on Oct. 16, 2018.