5/13/2009
NEWS BRIEFS
Private Equity Firm Acquiring Bankrupt Global Fastening Solutions
A private equity firm is acquiring Global Fastening Solutions LLC out of Chapter 11 bankruptcy reorganization.
Global Fastening Solutions holdings include Sencorp/Senco Products, AgriFast, TyRex, SenSource Global Sourcing, Omnifast, Nexicor, Nexibond and Agrifast brands.
Wynnchurch Capital Ltd. is leading the investor group acquisition of Global Fastening Solutions as part of bankruptcy court supervised auction and debt restructuring.
Sencorp operates under the Global Fastening Solutions name and holdings include Senco Products, a global supplier of construction fasteners and air-powered nail guns.
Senco has specialized in the commercial and residential home construction market: framing, interior finish and trim carpentry, drywall installation, exterior residential decks, roofing, siding and fencing. Senco also provides fasteners for in-plant housing, cabinets, pallets, furniture, bedding and recreational vehicles.
Revenues for the privately held company have been estimated at $300 million.
Founded in 1951 by A.G. Juilfs, William Tillinghast and George Kennedy, Senco Products Inc. has been owned by the George Juilfs family. The company once employed more than 1,000 at two Cincinnati-area plants.
In 2003 Sencorp cut 125 jobs and shifted some production to Taiwan and China. The plants were consolidated two years ago and local employment has fallen to about 300. The idle plant was sold to Broadwell Factory Group LLC. Sencorp also closed three of six distribution facilities.
Sencorp has cited steel prices, drops in commercial and residential construction and the recession for its financial troubles.
Sencorp moved to a new headquarters earlier this year to a new four-story, 100,000 sq ft office building at 4270 Ivy Pointe Blvd., Cincinnati, OH 45245. The relocation was funded in part by $315,000 from the Ohio Department of Development for machinery and equipment and $63,000 from Clermont County based on Sencorp creating 15 new jobs in the next three years.
Listed key Sencorp executives include CEO George Juilf, president George James, CFO Greg Meikle and sales & marketing vice president James Tedesco.
AgriFast manufactures and distributes fasteners, tools and supplies for vineyards, commercial nurseries, hydroponic greenhouse growers, and agricultural producers.TyRex supplies auto-feed screw systems.
The Cincinnati Enquirer reported more than 100 potential bidders were contacted and seven submitted proposals.
Founded in 1999, Wynnchurch holds companies including automotive suppliers, cable assemblies and wire harness manufacturer, loading dock equipment supplier and other businesses. Wynnchurch has offices in Detroit, Montreal and Toronto and is headquartered in the Chicago-suburb of Rosemont, IL.
Wynnchurch manages private equity funds totaling more than $500 million. Wynnchurch specializes in management buyouts, recapitalizations, corporate carve-outs, restructurings, turnarounds and growth capital investments.
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