Plymouth-based Company Fasteners Ltd (Cofast) has been acquired by Fastenex (Industrial Fasteners) Ltd (
www.fastenex.com), the holding company of NDB Engineering Ltd (a West Midlands-based specialist manufacturer of bespoke fasteners).
The deal was completed with the help of a multi-million pound funding package from SME lender ThinCats.
Cofast (
www.cofast.co.uk) supplies fastenings and bearings to some of the largest industries in the South West including the Devonport Royal Dockyard; the acquisition will give Fastenex a route into key naval and defence markets.
Based in Willenhall, Fastenex was established in February 2017 by joint shareholders Andrew Williams and Rebecca Dainter to purchase NDB Engineering through a management buy-out.
Capitalising on the lack of specialist fasteners in the market, the company’s success stemmed from its ability to produce a niche range of products for a variety of industries including defence, aerospace, naval and energy.
Due to the market’s specialist nature and the size of transaction, Fastenex knew that the High Street banks would not be able to facilitate a deal that worked for it, so the company approached corporate finance adviser Martin Poole (from Walsall-based Baldwins Corporate Finance) to support it in finding a suitable funder.
After a competitive process, ThinCats was introduced to Fastenex.