Audax Private Equity has acquired Fastener Distribution Holdings LLC (FDH), a distributor of hardware materials for the aviation industry, from Housatonic Partners. Financial terms of the deal were not disclosed.
FDH is a manufacturer of aerospace fasteners, key-locking inserts, and c-class components based out of Marina del Ray, California. The target distributes its products through its two divisions: Arlington International Aviation Products (“AIAP”) and Aircraft Fasteners International (“AFI”). FDH distributes its products to commercial and defense aircraft manufacturers, subcontractors and component distributors. Housatonic Partners, a middle-market investment company, backed FDH in August 2014.
“Audax brings expertise and resources that will help us grow through strategic acquisitions,” states Scott Tucker, CEO of FDH. Harris Williams & Co. served as financial adviser to FDH, while Foley & Lardner LLP acted as legal counsel. Kirkland & Ellis LLP served as legal counsel to Audax.
Audax, a Boston private equity firm, backs lower middle-market companies with up to $35 million in Ebitda. Audax has been rather busy recently. The PE firm raised a $1.6 billion senior loan fund to target business services and consumer product deals in October 2016. The PE firm also purchased RelaDyne, a fuel and lubricant distributor from AEA Investors LP; and sold Laborie Medical Technologies, a Canadian maker of medical diagnostic tools, for $640 million. Audax won Mergers & Acquisitions’ 2015 Mid-Market Award for Private Equity Firm of the Year.
Recent deals involving suppliers to aerospace and automobile industry include: Sonaca Group’s deal to buy LMI Aerospace Inc. (Nasdaq: LMIA) for nearly $190 million in cash; Aircraft Technical Publishers’, backed by ParkerGale Capital LP, acquisition of CaseBank Technologies Inc.; Liberty Hall’s purchase of ZTM Inc. to integrate with its portfolio company Accurus Aerospace Corp.; Platte River Equity’s deal for airplane engine tester CTS Engines; and AE Industrial’s purchase of Moeller Mfg. Co. LLC.