Fastener manufacturer acquired by SME investment firm
A Darlaston industrial fastener firm has been acquired by TGM Industrial as it aims to become a ‘major player’ within the industry.
Union Fasteners has been providing a wide range of nuts, bolts, washers and related products for more than 40 years and is now the third acquisition made by TGM, which specialises in the acquisition, transition and growth of owner-managed SME businesses.
Previous purchases include RCF Bolt & Nut Co based in Tipton and G.S.S. Fasteners, which TGM acquired in March 2020.
Adrian Garrett, who has been working in the fastener business for 34 years, including 24 years with RCF & GSS, will assume the role of Managing Director for the three integrated business units.
He said: “Union has an excellent reputation for providing high quality products with a quick turnaround to customers across the UK and EU, supported by a high calibre of professional staff.
“The Union acquisition will allow us to extend our customer offering across a wider range of complementary products; cross-sell these products within our expanded customer base; and acquire new customers attracted by our enhanced business model.”
TGM co-founder Eric Kolodner added: “The Union acquisition reflects the strategy we have been pursuing over the past five years to acquire synergistic SME businesses with niche manufacturing and precision engineering expertise, and brings our aggregate annual revenue to almost £25m.
“We will implement the acquisition consistent with our traditional approach of maintaining the location of the business, retaining all members of staff, offering training opportunities to key staff, introducing innovation to the business including digital marketing initiatives and investing in new equipment.
“This approach ensures a smooth transition that benefits all constituents of the acquired business, including staff, customers, suppliers and the outgoing seller-managers, as TGM focuses on the continuity, stability and growth of the business”.
