Global Fastener News

Pawtucket Acquired by Management & Equity Firm

John Wolz

Pawtucket Fasteners LP has been acquired and recapitalized by a newly formed entity including Pawtucket management and a private equity firm. \
PFI LLC is an entity formed by CEO David Hirsch and executive vice president Mark Alperin and Main Street Resources, a private equity firm based in Westport, CT.
The Pawtucket, RI-based fastener company, founded in 1882, includes Bell Fasteners, Zelenda Metric and Stillwater Fasteners brands.
Hirsch said it is a change in ownership, but not in the businesses. The key personnel remain in their positions.
Main Street is an equity firm with no fastener ties and is said to now be the majority owner of Pawtucket.
Pawtucket ended up in receivership earlier this year and was listed for sale in an ad in the Wall Street Journal. In Rhode Island a receivership is a state court insolvency proceeding similar to a bankruptcy. There reportedly were offers from competitors and people inside Pawtucket.
Pawtucket had been owned by three shareholders in the Hirsch/Alperin family.
The official announcement states �further acquisitions and growth are included in the company�s business plan going forward.�
In a July 1 letter to customers Hirsch and Alperin announced the �financial restructuing process we started several months ago is now complete. Bell Fasteners/Zelenda Metric and Stillwater are now a much stronger company with significant additional resources to support our long-term growth.�
Hirsch and Alperin thanked customers for �supporting us during this process.�
Pawtucket is an importer, master distributor and manufacturer of corrosion resistant and metric fasteners. Pawtucket sells to industrial and hardware distributors through nine North American distribution centers.
Pawtucket is headquartered at 327 Pine St., Pawtucket, RI 02882. Tel: 401 725-3880 �2002 FastenerNews.com