Specialist manufacturer fastens up for growth with multimillion-pound acquisition
Willenhall-based Fastenex (Industrial Fasteners), the holding company of NDB Engineering, the specialist manufacturer for bespoke fasteners, has secured a multimillion-pound funding package to acquire Company Fasteners (COFAST).
Based in Plymouth, COFAST supplies fastenings and bearings to some of the largest industries in the South West including the Devonport Royal Dockyard.
This acquisition will give Fastenex significant strategic advantage in the key naval and defence markets.
Fastenex was established in February 2017 by joint shareholders Andrew Williams and Rebecca Dainter to purchase NDB Engineering through a management buyout.
Capitalising on the lack of specialist fasteners in the market, the business’s success stemmed from its ability to produce a niche range of products across a range of industries which include defence, aerospace, naval and energy.
Fastenex approached corporate finance adviser Martin Poole from Baldwins Corporate Finance for support in finding a funder for the deal.
Fintech SME lender ThinCats was introduced to the shareholders of Fastenex and provided the purchase consideration for the deal
The ThinCats team was headed by director, regional business development, Geraint Regan.
Martin Poole and Dan Crumpton from Baldwins provided corporate finance advice while, Richard Underwood from Legal Clarity and David Wright from Nicklins provided legal advice.
ThinCats were advised by James Dyson and Renata Rai from Freeths.
Rebecca Dainter, director of Fastenex, said: “Our business is built on developing and maintaining long-term relationships with clients and other industry experts. So, when we were looking to acquire Cofast, we wanted to deal with someone we trust. We knew high-street banks couldn’t facilitate the kind of deal that would be best for our business. ThinCats came highly recommended by our advisers and Geraint proved them worthy of the recommendation by facilitating a great deal to support our future growth plans.”
Geraint Regan said: “ThinCats’ tailored funding facilities are ideally suited to businesses going through event-driven change, such as management buyouts and buy-ins, exits for private equity and mergers & acquisitions. We were delighted to support Andrew, Rebecca and their team in their acquisition of Cofast and wish them every success in their growth strategy.”
