Shimtech Industries Acquires Fastener Technology Corp.
SANTA CLARITA, CA - Shimtech Industries has acquired Fastener Technology Corp., a North Hollywood based supplier of high-strength specialty fasteners for commercial and military aerospace applications.
Fastener Technology Corp. was founded by Bulent Gulistan in 1979, and serves more than 400 customers. Some customer relationships span multiple decades, including those with Lockheed Martin, Click Bond, Northrop Grumman, Boeing, Raytheon, and Wesco. The existing management team, led by President Dennis Suedkamp, will continue to operate and grow the business, now aided by Shimtech's additional group resources.
"The FTC team has built a fantastic business with an unrivalled reputation. We are excited about the complementary nature of our products and look forward to building on Gulistan's foundation,” says Brian Williams, CEO of Shimtech.
Shimtech is owned by Inflexion Private Equity and Auctus Industries. With headquarters in Santa Clarita, its aerospace divisions include four manufacturing facilities in the U.S., three in Europe and one in Mexico. Shimtech’s C-Class Components Division specializes in the manufacture of high-volume metallic and composite detailed components that are complementary with Fastener Technology Corp. fastener products. This division includes companies as Lamsco, Attewell, and Bolsan which, together with Fastener Technology Corp. will continue providing high-quality, on-time components to the commercial and military aerospace markets.
"Fastener Technology Corp. is well-placed to capitalize on the significant growth opportunities that lie ahead,” said Suedkamp. “We are delighted to be partnering with Shimtech at this next stage of our development and look forward to providing innovative products with enhanced manufacturing capacity."
Inflexion is a leading European mid-market private equity firm, investing in high growth, entrepreneurial businesses with ambitious management teams and working in partnership with them to accelerate growth. Auctus Industries is a specialist investor in aerospace businesses. The sellers were advised by The McLean Group, a boutique investment bank with a leading aerospace, defense and government practice. The purchasers were advised by Drinker Biddle & Reath (Chicago), CDS (San Francisco), KPMG (London/Chicago) and Grant Thornton (Irvine).