1983 FIN – Spotnails Part of American Brands Sale of Ace Fasteners
September 7, 1983 FIN – American Brands Inc., New York, NY, has sold Ace Fasteners Co., Chicago, Il., to a management group headed by James F. Rogers and backed by the New York investment banking firm of Dominick & Dominick
Ace Fastener, a manufacturer of office staplers and staples and a distributor of scissors and electrical products, has been a major factor in the office stapling business since its establishment in 1919. Its products, marketed through office products dealers and wholesalers, include such brand names as “Pilot”, “Clipper”, “Aceliner”, and “Concorde”.
Spotnails, a producer of industrial fastening products, including nails, staples, pins, brads and pneumatic tools, was founded in 1941, and has, been a part of American Brands’ Swingline, Inc.
Dominick & Dominick will retain a financial interest in the new corporation, which will be called Veniculum, Inc., but will not be involved in management.
The new management team will consist of James F. Rogers, president; James Schmitz, vice president of operations Frank Samela, vice president of engineering; Marilyn Gillis, vice president of administration; and Helmut Zack, international vice president.
Ace and Spotnails will continue to operate out of their respective factories in Chicago and Rolling Meadows.
Ace was sold pursuant to a consent judgment in an action brought by the Department of Justice under Section 7 of the Clayton Act arising out of the acquisition of Ofrex Group Limited, an office products company, by American Brands’ United Kingdom subsidiary, Gallaher, Ltd.
Sale of Ace and Spotnails will not exactly leave American Brands bereft of products to market. It’s the parent group for such companies as American Tobacco Co., Andrew Jergens Co., Sunshine Biscuits Inc., Accushnet Co., Franklin Life Insurance Co., MCM Products, Inc., James B. Beam Distilling Co., Duffy-Mott Co., to mention just a few of its interests. ©1983/2011 Fastener Industry News
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