Fastener Software Supplier Acquired
Fastener Software Supplier Acquired
John Wolz
The original Faspac fastener software is part of an acquisition for the third time since 2003. Activant Solutions Inc., which specializes in wholesale distribution software, signed an agreement to be acquired by funds affiliated with private equity investment firm Hellman & Friedman LLC and private equity investment firm Thoma Cressey Equity Partners.
Activant acquired Prophet 21 in 2005. Prophet 21 had acquired Faspac in 2003.
The transaction is subject to customary regulatory approvals and customary closing conditions and is expected to close during Activant’s third fiscal quarter ending June 30, 2006.
Hellman & Friedman LLC is a San Francisco-based private equity investment firm with offices in New York and London. Web: hf.com. Thoma Cressey Equity Partners is a 25-year-old investment firm managing $2 billion of equity capital. In the software industry, Thoma Cressey has a portfolio of software earnings in excess of $150 million. Web: thomacressey.com. Founded in 1972, Activant provides software for serving small and medium-sized retail and wholesale distribution businesses in three primary vertical markets: hardlines and lumber; wholesale distribution; and the automotive parts aftermarket. Headquartered in Texas, Activant has operations in eight U.S. states, Canada, France, Ireland, and the United Kingdom. Web: activant.com
Faspac had been the most visible fastener software company in the industry. Partners and founders Margaret Jackson and Neil Hadfield were active in fastener associations and on technical committees.
Prophet 21 reported 70 fastener company customers when it acquired Faspac with 370 customers. Faspac was founded in 1979 by Bill Vollmer and Dennis Marteeny of Western Fastener of San Diego, along with Jackson and Hadfield, as Western Pacific Data Systems. Jackson and Hadfield bought out Vollmer and Marteeny in 1981 and went on to sell more than 500 systems to the fastener industry over the next 22 years. �2006 FastenerNews.com
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