Midlands Special Fasteners Ltd has sold to Teqnion AB, the listed Swedish industrial group, in a deal facilitated by Altius Corporate Finance.
Midlands Special Fasteners, based in Walsall in the West Midlands, is a specialist manufacturer and global exporter of fasteners and machine components. The company manufactures products for some of the most critical industrial applications and harshest environments in the world for industries including gas turbines, nuclear, power generation and motorsport.
With numerous contracts with European blue-chip companies, Midlands Special Fasteners operates as a key part of their clients’ supply chains.
With the clients looking to retire, Altius Corporate Finance Executive, Nathan Miller, identified the ideal buyer in global company Teqnion AB, a group that specialises in acquiring niche-industrial firms. The group’s subsidiaries include customized laboratory technology products, acoustic target indication systems for supersonic projectiles and a supplier of industrial scales, amongst others.
CEO at Midlands Special Fasteners, Mitch Lane, said: “Already at the first meeting we felt that Teqnion would be a great forever home for MSF. Daniel and Johan share our values and understands what makes our company successful. We look forward to growing the business together with Teqnion. There is much left to do!”
CEO of Teqnion, Johan Steene, stated: “We are happy to welcome MSF into the Teqnion family. Mitch and his team have the mindset, relationships in place and industrial expertise to supply its customers with the right type of special fasteners for very niche applications, and it will be very fun to grow the business together.”
Altius Corporate Finance Executive, Nathan Miller, commented: “The timescales of the deal were relatively speedy, due to the experience of the buyer and the willingness of the seller to keep the process moving and get the due diligence across. I wish both parties well.”
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