TriMas Acquires Allfast Fastening Systems

The combined product sets of Monogram Aerospace Fasteners, Mac Fasteners, and Allfast uniquely position TriMas to benefit from platform-wide supply opportunities.

BLOOMFIELD HILLS, Mich. — TriMas Corporation (NASDAQ:TRS) – a diversified global manufacturer of engineered and applied products – announced Monday that it entered into an agreement to acquire Allfast Fastening Systems, Inc. (Allfast) for approximately $360 million. Upon closure of the transaction, Allfast will become part of the Company’s Aerospace segment, formerly known as the Aerospace & Defense segment.

Allfast is a leading 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. Headquartered in Southern California, Allfast generated approximately $55 million in revenue for the 12 months ended August 2014. Over the past several years, Allfast has demonstrated strong revenue growth and a profitability level that would have been accretive to TriMas’ existing aerospace businesses and to the Company overall.

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. The combined product sets of Monogram Aerospace Fasteners, Mac Fasteners and Allfast uniquely position TriMas to benefit from platform-wide supply opportunities and grow at a level in excess of industry aircraft build rates. In addition, the Company’s aerospace platform will benefit from expected synergistic cost savings, including leveraging combined purchasing activities, commercial initiatives, product development efforts, and sharing of better practices between businesses. The estimated purchase price approximates a multiple of 12x to 13x projected 2015 Pro Forma EBITDA (1), which the Company expects will approximate less than 9.5x by the end of 2017.

“Adding Allfast to our aerospace platform increases our leadership and growth potential in the aerospace industry,” said Dave Wathen, President and Chief Executive Officer of TriMas Corporation. “This acquisition significantly accelerates our portfolio transformation focused on our strategic growth platforms. Allfast definitely fits the criteria – it is a well-run, high margin, strong cash flow business with a track record of revenue growth and even greater growth potential.”

Wathen continued, “Allfast is recognized in the aerospace industry as a supplier with world-class manufacturing expertise, industry-leading product quality and on-time delivery. We are excited to add this talented team to TriMas and believe that together, we can capture significant growth opportunities by providing our customers a superior, complementary product set.”

“The combination of Allfast and TriMas’ Aerospace group is a truly exciting development for our employees and customers," said Jim Randall, President of Allfast. “The transaction will dramatically expand the product offering of both businesses, allowing the combined company to better support customer needs in a time of unprecedented growth in the aerospace market. Both companies have proprietary products and processes, as well as strong application engineering and product development capabilities focused on solving customer problems. TriMas also has a similar culture of teamwork, accountability and mutual respect. I am pleased that Allfast’s long and proud legacy will enter a new chapter as part of TriMas.”

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