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JP Morgan, Others Provide $250MM Term Loan in Trimas Acquisition

September 22, 2014, 08:03 AM
Filed Under: Manufacturing

TriMas Corporation announced that it entered into an agreement to acquire Allfast Fastening Systems, Inc. (Allfast) for approximately $360 million. Upon closure of the transaction, Allfast will become part of the Company’s Aerospace segment, formerly known as the Aerospace & Defense segment.

Allfast is a leading global manufacturer of solid and blind rivets, blind bolts, temporary fasteners and installation tools for the aerospace industry with content on substantially all commercial, defense and general aviation platforms in production and in service. Headquartered in Southern California, Allfast generated approximately $55 million in revenue for the 12 months ended August 2014. Over the past several years, Allfast has demonstrated strong revenue growth and a profitability level that would have been accretive to TriMas’ existing aerospace businesses and to the Company overall.

The transaction, which has been approved by the Board of Directors of both companies, is subject to customary closing conditions and receipt of regulatory approvals. Deutsche Bank provided financial advisory services to TriMas’ Board of Directors on the acquisition and Moelis & Company LLC acted as exclusive financial advisor to Allfast. TriMas expects to obtain all required regulatory clearances and close the transaction by the end of October 2014.

The acquisition will be funded through an underwritten incremental $250 million Senior Secured Term Loan A and additional borrowings under the company’s existing $575 million Revolving Credit Facility. JP Morgan, Bank of America Merrill Lynch and Wells Fargo are acting as Joint Lead Arrangers and Bookrunners on the term loan.

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