Shimtech Industries, an aerospace components manufacturer in Santa Clarita, has acquired Fastener Technology Corp., a North Hollywood supplier of specialty high-strength fasteners. Financial terms of the transaction were not disclosed.
Fastener has served commercial and military aerospace clients since its founding by Bulent Gulistan in 1979, and has multiple-decade relationships with Lockheed Martin, Northrop Grumman, Boeing, Raytheon and Wesco Aircraft. The company’s current management team and President Dennus Suedkamp will stay on after the acquisition.
Shimtech is owned by European investment firm Inflexion Private Equity and global aerospace investor Auctus Industries. It has four manufacturing plants in the U.S., three in Europe and one in Mexico. Its components division makes metallic and composite parts that work with FTC’s fastener products.
“The FTC team has built a fantastic business with an unrivalled reputation,” Shimtech Chief Executive Brian Williams said in a statement. “We are excited about the complementary nature of our products and look forward to building on Mr. Gulistan's foundation as we serve our customers and take our business to the next level.”
Suedkamp added: “FTC is well-placed to capitalize on the significant growth opportunities that lie ahead,” citing the combined company’s larger manufacturing capacity.
The sellers were advised by investment bank McLean Group, which specializes in aerospace and defense. A coalition of Drinker Biddle & Reath in Chicago, CDS in San Francisco, KPMG in Chicago and Grant Thornton in Irvine advised the buyers.