Global Fastener News

Elgin National Industries Bought By L.A. Private Equity Firm

Jason Sandefur

Elgin National Industries, a provider of industrial equipment, specialty fastener products, and engineering/construction services, announced that GFI Energy Ventures LLC has acquired a majority interest in the company. Terms of the acquisition were not disclosed.
“We are very excited to be partnering with GFI,” said Elgin president David Hall. “The overall energy market prospects are robust, and we are convinced that coal-fired electric generation, which we support through engineering services, equipment, and emissions control solutions, will continue to play a leading role in world-wide electricity supply. The GFI relationship gives us substantial added capital, resources, expertise, and access to markets to continue to invest in and expand our product and service offerings to the energy markets to take advantage of these worldwide market opportunities.
“In our specialty fastener group of businesses, we expect that GFI’s financial resources and willingness to invest in our profitable growth will help us expand our product offering and better meet our customers’ needs.”
Elgin businesses include the Elgin Fastener Group, comprised of Ohio Rod Products, Leland Powell Fasteners, Chandler Products and Precision Screw & Bolt. The company will remain based in Downers Grove, IL. Web: eni.com
Elgin’s acquisition was structured as a merger on March 29. Upon completion of the merger, existing stockholders of Elgin ceased to hold any company stock and Elgin became a wholly-owned subsidiary of ENI Holdings Inc.
“Elgin’s reputation for high quality products, strong engineering capabilities and responsive customer service make it an excellent platform to capitalize on opportunities arising from the long-term growth prospects of its core coal, electric generation, and oil and gas markets,” stated GFI principal Ian Schapiro.
Los Angeles-based GFI is a private equity firm that has initiated and led over 50 investments in the energy sector over the past twelve years. GFI is the co-general partner with Oaktree Capital Management of the approximately $1.5 billion OCM/GFI Power Opportunity Funds. Web: gfienergy.com �2007 FastenerNews.com