7/6/2015 1:16:00 PM
HEADLINES
Pittsburgh Firm Buys 2nd Fastener Company
Pittsburgh private equity firm Incline Equity Partners acquired Gateway Fasteners Inc. from owner Jay Mangold, who founded the company 32 years ago, the Pittsburgh Business Times reports. Terms were not disclosed.
Gateway Fasteners supplies screws, bolts, nuts and pipe values, and employs 25 at facilities in Export, PA, and Groveport, OH.
The deal is the second fastener acquisition Incline has completed in 2015. In March the firm bought AFC Holdings, a Bridgeville, PA-based supply chain management firm that supplies fasteners to manufacturing and assembly plants. AFC employs 75 workers at four locations, including AFC Industries in Fairfield, and Dell Fastener Corp. facilities in Bridgeville and Marietta, GA.
Incline said it will combine Gateway Fasteners with Dell Fastener, which is managed by Doug Kortyna, according to the Business Times. The combined operations have sales of$50 million and employ 55.
“They sell production fasteners,” Incline principal Leon Rubinov said of Gateway. “The nice thing about that business is you have what we call sticky customer relationships, built up long-term so they’re trusted relationships or real partnerships as opposed to a pure vendor/supplier relationship.”
Rubinov told the Business Times that Incline is actively seeking additional fastener acquisitions, and indicated the firm is in talks with other companies in the Midwest and MidAtlantic regions.
“Deals beget deals,” added Incline partner Jack Glover. “Once you do one in an area, people think of you as someone who can get things done. AFC Dell was the first step, then Gateway. We’d love to talk to other fastener companies.”
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