US corporation ties up deal for Birmingham manufacturer
A Birmingham manufacturer has been sold to a US-based corporation in a deal part advised out of the city.
Heads & All Threads (HAT) is a leading global supplier of fasteners and related products. Based at Woodgate Valley, the firm also has a base in Aylesbury as well as operations in Poland, the Czech Republic and India.
Originally formed in 1986, the company, which generates annual revenues of £26m, has been acquired by NASDAQ-listed ParkOhio Holdings. The terms of the deal have not been disclosed.
ParkOhio is no stranger to the West Midlands, having acquired Cradley Heath-based Apollo Aerospace Group in 2014.
Similar to Heads & All Threads, Apollo has operations of its own in France, Poland, and India, and is a supply chain management services company serving the global aerospace market.
Heads & All Threads is firmly established in Europe and Asia as a leading global supplier of fasteners and related products.
It is a specialist in the design and operation of Vendor Managed Inventory (VMI) systems for fasteners, machined parts and other class c components. End markets include construction and automotive.
ParkOhio, based in Cleveland, provides supply chain management services and operates from 65 manufacturing and supply around the globe.
Edward F Crawford, chairman and CEO of ParkOhio, said: “The strategic acquisition of Heads & All Threads will immediately be accretive to earnings. HAT has an impressive history of sales growth and will strengthen our market position for supply chain management services.”
HAT was advised on the cross-border deal by Springboard Corporate Finance’s partner David Neate and manager Matthew Guest.
Mr Neate said: “We are delighted to have been able to support the shareholders on the sale of HAT. Under the stewardship of Stuart Whitehouse and Steve Ward, the business has developed a strong international footprint and this sale will facilitate its continued expansion.
“The sale to ParkOhio underlines the attractiveness of UK assets to global enquirers, despite Brexit fears. We believe this trend will continue.”
HAT received legal advice on the deal from the Birmingham-based corporate finance team at Browne Jacobson, led by partner Mike Jackson, assisted by Charlotte Cannell and Kurt Davies.
ParkOhio was advised by the Corporate team at Squire Patton Boggs, led by partner Geoff Perry, assisted by Claire O’Connor and Eve Oppenheimer.
