PrimeSource Buys Compass Int’l
Construction fastener distributor PrimeSource Building Products Inc. will acquire Compass International Inc., which handles Marker and Darts fasteners. Terms were not disclosed.
“This deal will afford easy distribution of all current Compass International products through our local PrimeSource distribution centers located from coast-to-coast,” says Ken Fishbein, co-CEO of PrimeSource.
Existing Compass customers will soon be able to purchase items from the Grip-Rite family of products.
Compass is headquartered in Anaheim, CA, with additional offices in Chicago, Houston and Atlanta. Marker products include drywall, sheet metal, wood, cement, and multipurpose screws, as well as steel building fasteners and driver accessories. Other Compass brands include Darts self-drilling screws and Deckmark deck fasteners. Web: compassintl.com
Carrollton, TX-based PrimeSource operates 37 distribution centers throughout the U.S. and Canada with more than 1,100 employees, PrimeSource is the exclusive source for Grip-Rite and Pro-Twist brands, which include nails, screws and collated fasteners. Web: primesourcebp.com
Rocky Mountain Steel Expands Facility
Rocky Mountain Steel of Nampa, ID, transferred its operation from a 20,000 sq ft building to a 90,000 sq ft facility at 400 3rd Ave. N. in Nampa, the Idaho Business Review reports.
Rocky Mountain operates as a steel service center, as well as a fastener wholesaler and retailer. Existing inventory includes anchor bolts, stainless steel fasteners for tables and boxes, concrete reinforcement bars, farm equipment support bars, and fencing pipe.
Manager Julie Vaudrey said relocating to larger quarters enables Rocky Mountain Steel to add inventory and expand its reach into some market segments.
“The fastener business will be able to add a more complete line, and it is an efficient design,” she explained.
Rocky Mountain Steel owner Don Thornton owns the building. He sold the company’s former building to Pacific Recycling.
Vaudrey and Thornton started Rocky Mountain Steel in 1995. Vaudrey co-manages the business with Randy Southern.
HgCapital and Capvis Invest in KVT
Swiss private equity firm Capvis Equity Partners and European private equity investor HgCapital have agreed to become investors in Swiss fastener group Koenig Verbindungstechnik AG (KVT).
Capvis originally acquired KVT Group for EUR 325 million (US$515.2 million) in July from Debrunner Koenig Holding AG, a fully owned subsidiary of German steel and metals distributor Klockner & Co.
Under the terms of the agreement Capvis and HgCapital will enjoy equal rights as investors. HgCapital’s investment is about GBP 5.5 million (US$9.93m).
Founded in 1973, KVT supplies 200,000 catalog items, including fastening, connecting and automation systems to the engineering, automotive, electronics and transportation industries, as well as in the medical engineering, aerospace and construction and other industries.
KVT reported 2007 sales of EUR 120 million (US$187m) and earnings of EUR 20 million (US$31.2m). KVT manufactures fasteners at its headquarters in Dietikon, Switzerland, and operates distribution companies in Germany, Austria, Poland, the Czech Republic and the U.S. KVT employs 300 people, including 110 in Germany. Web: kvt-koenig.de
Capvis and HgCapital see further growth potential by attracting additional customers in the global automotive industry. Web: capvis.com �2008 FastenerNews.com