Fasteners group LoneStar expands with Hydrobolt acquisition
WOLVERHAMPTON-based fasteners manufacturer Hydrobolt has been acquired by LoneStar Fasteners Europe in an undisclosed deal advised out of the West Midlands.
Under the deal, Hydrobolt will remain a separate entity and will continue to trade under the Hydrobolt name. The company, which supplies special fasteners, petro-chemical grade studbolts and pipeline packages, will continue to be run by the current Hydrobolt senior management team, led by Jamie Simpson.
It said the deal was a great opportunity for Hydrobolt and LoneStar Group to work together to expand product offering to existing customers and to increase its presence in the global energy market.
“This is an exciting opportunity for all of us at Hydrobolt and LoneStar Group and everything points towards a robust future for the two organisations and its employees,” it said.
The BDO Transaction Services team based in Birmingham carried out vendor due diligence on behalf of Hydrobolt.
Jim Coats, finance director at Hydrobolt, said: “Having worked with BDO’s Transaction Services team previously, we engaged them to undertake the VDD when we decided to market the business.
“Their knowledge proved extremely useful during what was an extremely rigorous and detailed DD process carried out over a short time period.”
Separately, Wednesfield-based LoneStar has aligned subsidiaries PRD Fasteners, Eurofast Petrochemical Supplies and Triplefast International to form one new company, LoneStar Fasteners Europe.
The new company will be the group’s European centre of excellence for the manufacture and distribution of special and non-standard fasteners and gaskets.
LoneStar Fasteners Europe (LSFE) will service the combined customer base of the three companies and will operate as a single company working out of one location.
The group said the consolidated site would provide an opportunity to increase on-site manufacturing, testing and heat treatment facilities with additional investment in new machinery and technology to meet the need for increasing high levels of product integrity and compliance with the needs of customers.
The move to a single site will be completed during the summer and is expected to be fully operational by the end of September.
