ACQUISITION: T-3 Sells Lone Star, Walker & Ameritech

Jason Sandefur

T-3 Energy Services Inc. sold its three Houston fastener manufacturing companies to a new investor partnership named Lone Star Fasteners L.P.\
T-3 has held LSS-Lone Star-Houston Inc., Walker Bolt Manufacturing Company and Ameritech Fastener Manufacturing since merging with Industrial Holdings Inc. in 2001.
Bruce Ross is the new president of Lone Star. Ross has a financial background, including 15 years as a commercial lender and 5 years as an investment banker. His Louisiana-based partners are Robert Hollier, former CEO of Osca, an oil service company he sold two years ago, and David Duplantis, who was COO of a coil tubing company.
Upon the merger Judy Jandl and several other management team members left. Jandl is reportedly involved in a new company, Sigma Fasteners.
Stephen Cabral remains vice president of sales.
�The biggest appeal [of the fastener companies] is the energy services business,� Ross explained the investors� interest. �We all know it is a cyclical business, and we believe the cycle is on the way up.�
In their search for an acquisition Ross commented that �we kissed a lot of frogs. This one is the prince. Lone Star has great people, products, capabilities, manufacturing, plating and a strong client base. It is a great business.�
T-3 CEO Gus Halas related that the fastener companies were sold because they �did not fit with our core competence.� T-3 provides oilfield products and services in the upstream oil and gas industry, petrochemical and refinery plants, shipyards and offshore fabrication companies.
�These companies are all outstanding, with exceptional customers and employees; however, they did not fit with our core competence. We feel these companies offer more value to the new owners. More importantly, the new company will continue to provide rewarding employment for our former divested companies. I wish to thank these employees for their service and dedication to T-3 and wish them the very best for the future.�
Ross noted the Lone Star partners plan growth through �increased utilization and marketing, increased efficiency, consolidation and acquisitions.�
The partnership is �well capitalized� for acquisition, he added.
Lone Star manufactures and distributes standard and specialty bolting for the energy industry and provides in-house coating services. Walker Bolt manufactures fasteners in small quantities and Ameritech produces military and aerospace parts.
The new parent company is located at 24131 Hardy Rd., Spring, TX 77383. Tel: 800 645-2764 Fax 281 353-4989 Web: LSSLoneStar.com �2004 FastenerNews.com