Global Fastener News

Engelman Group Acquires Michigan Rivet

John Wolz

MRC Industrial Group Inc. completed the purchase of Michigan Rivet Corporation and its wholly-owned subsidiary, McLaughlin Company, and named Steve Engelman CEO.
MRC paid $9.6 million, or $15.063 per share, for Michigan Rivet�s closely held outstanding common stock in an all cash transaction. Michigan Rivet shareholders approved the transaction in July.
The newly formed MRC is owned and managed by an investor group led by Engelman. He has 29 years experience in the automotive and fastener industry and was president of the Engineered Products Group of SPS Technologies until earlier this year.
Warren, MI-headquartered Michigan Rivet was founded in 1949 and manufactures specialty steel fasteners � principally rivets and hinge pins � for the North American automotive industry.
McLaughlin manufactures nuts, nut assemblies and tubular products for automotive hinge assemblies, door latch assemblies, parking brakes, seating systems and suspension systems.
Michigan Rivet reported net sales of $32.1 million for the 12 months that ended October 31, 2002. Michigan Rivet has 160 employees at two plants, totaling 225,000 sq ft in Petoskey, MI, and Warren.
Mark High of Dickinson Wright PLC led the legal team advising the Engelman group and Dennis Petri of Follmer Rudzewicz Advisors Inc. led the accounting team.
Richard Hagan of Pinnacle Capital Corp. was financial advisor to the investor group and arranged debt financing for the transaction. �2003 FastenerNews.com