UK Fastener Supplier McKechnie PSM Sold

Jason Sandefur

Just months after selling its aerospace business, UK-based Melrose PLC sold part of fastener-maker McKechnie PSM to Petrus Holding Ltd. (BVI) for US$58 million in cash. PSM manufactures and distributes specialised fasteners and joining systems for the IT, automotive, and telecommunications markets.
The sale does not include the its specialized European businesses, PSM Thread Locking and Sealing and PSM Canning Brett.
McKechnie PSM reported a profit of $4 million and gross assets of $32 million in 2006. Web: melroseplc.net/PSM.asp
BVI is controlled by EQT Greater China II Ltd Partnership, which manages about EUR 10.5 billion (US$14.18b) in equity.
Earlier this year Melrose sold McKechnie Aerospace to private equity firm JLL Partners for $850 million cash plus $5.6 million in assumed debt (see FIN 4/11/07). Web: jllpartners.com
McKechnie Aerospace supplies critical application studs, bolts, rivets and slot bearings, and other components to aerospace OEMs. The company’s businesses include Linread Ltd., a fastener manufacturer with plants in England. McKechnie sales topped $304 million in 2006. Web: mckechnieaerospace.com
Melrose bought McKechnie for $362 million in a 2005 deal that included Charlotte, NC-based precision die-cast products maker Dynacast Group, which Melrose still owns. Web: melroseplc.net �2007 FastenerNews.com