TIDMTRI
RNS Number : 3071K
Trifast PLC
01 September 2021
Trifast plc
Leading international specialist in the design, engineering,
manufacture, and distribution
of high-quality industrial fastenings and Category 'C'
components principally to major global assembly industries
Acquisition to enhance TR's North American offering
London: Wednesday, 1 September 2021 : The Board of Trifast plc
(Trifast, TR, Group or Company) is pleased to announce the
acquisition of North American specialist fastenings distributor,
Falcon Fastening Solutions Inc ("Falcon").
Highlights of the acquisition
-- Successful first step on the Group's acquisition-led North America expansion strategy
-- Extends the Group's global OEM customer base and presence in non-auto focus sectors
-- Falcon is an established, profitable specialist fastening
business with a long-standing blue-chip customer base
-- Opens growth opportunities with Trifast global customers in key target states
-- Expected to be earnings enhancing in the financial year-ending 31 March 2022
The Company has acquired Falcon for a total cash consideration
of US$8.3m (GBP GBP6.0m), on a cash free/debt free basis, which has
been funded through the Group's existing cash and financing
facilities.
Commenting on the acquisition, Mark Belton CEO Trifast said:
"The Carolinas region is a strategically important area for us
where a number of our global OEMs have facilities. The culture,
values and work ethic at Falcon in many ways reflect those of TR.
We believe that the combination of Falcon and Trifast's locations,
experience, knowledge base and skill sets will open significant
opportunities to expand the service and portfolio offering to both
existing and new customers on a domestic and international basis.
We look forward to working together to create a stronger presence
for Trifast in North America."
Overview of Falcon Fastening Solutions Inc
Falcon was originally founded in 1979 as a family-owned
distributor of industrial fastenings and Category 'C' components
and now operates from two locations in North Carolina and Kentucky.
Over 90% of production components supplied by Falcon are customer
specials. The business specialises in designing customised supply
chain solutions that support lean principles in manufacturing to
reduce cost and improve efficiency for its clients. Falcon serves a
diverse range of sectors with minimal crossover with TR's existing
North American customer base.
Trifast intends to retain all staff at both Falcon and its
existing US operation with the acquired business being re-branded
as TR Falcon. President and major shareholder Giovanni Cespedes,
who has worked for the business since 2008 and acquired it from Don
Nowak in 2018, will remain with the business and continue to lead
the Falcon team.
In the year ended 31 December 2020, Falcon reported EBITDA of
US$1.27m (GBP GBP0.9m). Gross assets at the same date were US$5.3
(GBP GBP3.8m).
Jonathan Shearman, Chair at Trifast commented:
"On behalf of all stakeholders I would like to welcome Falcon
into the Trifast Group. This acquisition is our next step into the
North American market, and we are confident that this business,
alongside our existing Houston operation provides a springboard to
further develop our presence within this important region."
"We look forward to working closely with Giovanni and his
team."
Giovanni Cespedes, President at Falcon added:
"This is a fantastic opportunity for Falcon's employees,
customers and suppliers. Becoming part of Trifast gives all of us
at Falcon the opportunity to work more closely with a
well-respected international business. As well as being able to
share knowledge and experience on both sides, we will also benefit
from being able to access the sourcing, purchasing, and marketing
capabilities at Trifast from around the world. I thank our
employees for their loyalty and hard work over the years and at the
same time welcome them into our next chapter as we look to extend
and enhance our great partnerships with our customers."
Note: Translated at USD 1.38: GBP 1.00 (closing rate on 31
August 2021)
Further enquiries please contact:
Trifast plc
Jonathan Shearman, Non-Executive Chair
Mark Belton, Chief Executive Officer
Clare Foster, Chief Financial Officer
Tel: 44 (0) 1825 747630
Email: corporate.enquiries@trifast.com
Peel Hunt LLP (Stockbroker & financial adviser)
Mike Bell
Tel: 44 (0) 20 7418 8900
TooleyStreet Communications, (IR & media relations)
Fiona Tooley
Tel: 44 (0)7785 703523
Email: fiona@tooleystreet.com
Editors' notes
About Trifast plc (TR) is a leading international specialist in
the design, engineering, manufacture, and distribution of high-quality
industrial fastenings and Category 'C' components principally to
major global assembly industries.
TR supplies to c. 5,000 customers in c. 75 countries across a wide
range of industries, including Light vehicle, Heavy vehicle, Health
& Home, Energy, Tech and Infrastructure, General industrial and
Distributors . As a full-service provider to multinational OEMs
and Tier 1 companies spanning several sectors, TR delivers comprehensive
support to its customers from concept design through to technical
engineering consultancy, manufacturing, supply management and global
logistics.
TR employs c.1300 people across 34 business locations within the
UK, Asia, Europe, and the USA including seven high-volume, high-quality
and cost-effective manufacturing sites and three technical & innovation
centres across the world.
"Our fastenings enable innovation today to build a better tomorrow"
For more information, visit
Investor website : www.trifast.com
Commercial website: www.trfastenings.com
LinkedIn : www.linkedin.com/company/tr-fastenings
Twitter: www.twitter.com/trfastenings
Facebook : www.facebook.com/trfastenings
Note
Trifast, TR and TR Fastenings are registered trademarks of the Company.
LEI number: 213800WFIVE6RUK3CR22
About Falcon Fastening Solutions Inc
Falcon is an industrial distributor of fasteners and other Category
'C' components, sub-assemblies, and kitting solutions as well as
a vendor managed inventory (VMI) service provider for original equipment
manufacturers (OEMs). Falcon Fastening Solutions has full-service
distribution centres in Charlotte, NC and Louisville, Kentucky as
well as onsite branch locations in client plants in North and South
Carolina. Falcon was founded in 1979 in Charlotte, NC and is certified
under ISO 9001:2015.
"Falcon - your lean, reliable partner"
To read more please visit:
Commercial website: https://falconfastening.com
LinkedIn : https://linkedin.com/company/falcon-metal-corporation
Facebook : https://facebook.com/FalconFasteningSolutions
YouTube: Falcon Fastening Solutions, Inc. - YouTube
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END
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