Andy Cohn announced the sale of Duncan Bolt to an Employee Stock Ownership Plan.

Founded in 1953 by David Duncan, the Southern California-based fastener distributorship is now headed by general manager Steven Somers, and the team of Norris Glantz, Andrew Bengis, James Socrates and David Glantz will lead the distributorship.

Duncan Bolt president Andy Cohn and vice president Virginia Cohn are retiring.

Andy Cohn started in the fastener industry at ground level: Sorting hex nuts with his New York neighborhood friends for $15 a keg for his importer father Eric Cohn of Allied International.

After graduating from Case Western Reserve University, Andy had no intention of a fastener career. He went off to the Bay Area in 1974, but after several months of unemployment, Andy “caved and let Eric help him find a job.” That put Andy at Bay City Screw & Bolt in San Carlos, CA. He started as the “kid” who packaged and filled orders. He graduated to answering telephones.

Those were the days when distributors would buy either domestic or imported Grade 5, but Grade 8 had to come from Lake Erie Screw or the new domestic manufacturer, Nucor Fastener, Cohn recalled.

Andy “got hooked” on the fastener industry, and in 1976 Eric called to say Allied International was opening an American Eagle branch warehouse in Denver. Andy accepted the role of Rocky Mountain regional sales manager.

While with American Eagle, he met and married Jeannie Walker of Fasteners Inc. and went to work for John Walker at Fasteners Inc. for six years until divorcing.

Cohn moved back to New York and, after Allied International was acquired, he was asked to relocate to Allied’s Southern California operations.

That was at a time when the early importers were expanding and diversifying.

“It was a time of ‘fast change’ for importers,” Cohn recalled.

He also met and married Virginia, daughter of Luke Sullivan of Sullivan Bolt.

By 1986 Cohn had set a goal of becoming a distributor – “to get into the distributor business and live happily ever after,” he smiled.

Cohn heard Dave Duncan – who had recently remarried at age 81 – wanted to retire. Cohn called and Duncan suggested, “Come talk to me.”

“It jelled,” Cohn recalled. “We put together a good deal, with good terms.” The Cohns took over in 1988. Duncan veteran Marlene Mathieson stayed over with the new owners.

At the time, Duncan Bolt was located in a 20,000 sq ft metal building in Huntington Park, which was the industrial sector south of Los Angeles. Half of the customers were OEMs and the other half were distributors.

Duncan Bolt succeeded at stocking Castle nuts and other C and D items some importers “sneered at,” Cohn recalled.

Duncan Bolt grew and moved to a larger space 9.6 miles away in Santa Fe Springs – a newer industrial area –  in 1999. By 2010, Duncan Bolt took over a neighboring building.

A year ago, four key employees approached Cohn about an ESOP.

Cohn noted that ESOPs usually don’t provide the seller with top dollar, but there are capital gains tax advantages.

And there is something that “feels good” about selling to employees who helped build the distributorship, Cohn emphasized.

“It is less brutal than selling to the highest bidder and announcing to employees, “Oh, by the way, you now work for Fred.”

During his 46 years in the fastener industry, Cohn was the 2001-2002 president of the Western Association of Fastener Distributors, a co-founder of the Fastener Education Fund and a board member of the National Fastener Distributors Association.

Duncan told FIN that the biggest change in the fastener industry during his career was the sourcing of imported fasteners from Japan to Taiwan to China. He watched as the world moved away from domestic fasteners.

As he departs the fastener industry, the major question of 2020 started with “Are they making bolts in China this week?” to “Will there be vessels arriving with bolts?” Inventory on the shelves has gained value, Cohn pointed out.

Cohn will continue as a Duncan Bolt board member. Messages may still be sent to him: 1951Andy@gmail.com.

Duncan Bolt opened a branch in Phoenix in 2003 and is headquartered at 8535 Dice Rd., Santa Fe Springs, CA 90670-2509. Tel: 800 798-1939 Web: DuncanBolt.com