2010 FIN – AEA Investors Acquire Controlling Stake in Lone Star Fasteners
December 14, 2010 FIN – A private equity firm founded in 1968 by the Rockefeller, Mellon and Harriman family interests has acquired a controlling stake in Lone Star PRD from Trinity Hunt Partners.
AEA Investors LP acquired Houston-based Lone Star, a supplier and distributor of specialty fasteners and gaskets to the oil & gas, power generation and petrochemical industries.
Ian Dunkinson was named CEO to lead the reorganization under the new ownership structure.
Lone Star PRD will move its group headquarters from Houston to Wolverhampton, UK.
“The investment by AEA and the implementation of a new capital structure gives Lone Star PRD the opportunity to significantly expand our global operational footprint and our industry leading quality and service,” Dunkinson told FIN.
Lone Star PRD is expected to generate US$126 million in revenue for 2010, employing 600 workers at facilities in the U.S., UK, Dubai, Romania, Singapore and China.
The Lone Star PRD Group was established in 2007 with the merger of UK-based PRD Holdings Group and US-based LS Precision Manufacturing Inc.
PRD Fasteners Ltd. was founded in 1984 and is headquartered at Kennicott House, Well Lane, Wednesfield, West Midlands WV11 1XR UK. The manufacturing plant is in Willenhall, West Midlands and has 130 employees.
Lone Star Fasteners manufactures standard and specialty high-performance fasteners; the Walker Bolt/Ameritech division is a forging and fastener manufacturing operation for the military, aerospace and customer specifications; Lone Star Sealing Technologies manufactures stands and specialty gaskets; Lone Star Coating Dynamics is an applicator of industrial coatings; and Grange Gaskets & Precision Manufacturing provides specialty gasket and a machine shop in Leads, UK. Lone Star opened a plant in Romania in 2006.
Steve Cabral is vice president of sales at Lone Star.
Lone Star’s main office and plant are located at 24131 W. Hardy Rd., Spring, TX 77373. Tel: 281 353-1191 or 800 645-2764 E-mail: sales@lonestarfasteners.com Web: LoneStarPRD.com
AEA is a private equity investment company founded in 1968 by the Rockefeller, Mellon and Harriman family interests and S.G. Warburg & Co. Vincent Mai is chairman and John Garcia is CEO.
AEA has offices in New York, Connecticut, Germany, UK, Hong Kong and China. Web: Aeainvestors.com ©2010/2014 Fastener Industry News.
For information on permission to reuse or reprint this article please e-mail: FIN@GlobalFastenerNews.com
There are no comments at the moment, do you want to add one?
Write a comment