Hagan: Allfast Deal Price "Astonishing"
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Hagan: Allfast Deal Price “Astonishing”
The recent $360 million acquisition of Allfast Fastening Systems by TriMas Corp. revealed TriMas paid a high price for the aerospace fastener manufacturer.
“From a revenue and cash flow generation perspective, this could be the richest purchase price ever paid for a large, industry-significant fastener manufacturer,” Pinnacle Capital Corp. president Richard Hagan told GlobalFastenerNews.com.
Investors reacted swiftly to news of the deal.
Prior to the deal announcement, TriMas shares traded within a range of $38.96 (on Jan. 2) and $29.54 (on Sept. 19) during the current calendar year. However, by the end of September, shares had declined by $4.60 (or 15.6%) to $24.94 per share.
“At the current market price, TriMas shares are trading at 7.8 times trailing 12 month EBITDA.”
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Richard Hagan is president of New York-based Pinnacle Capital Corporation. He specializes in investment banking services for the fastener industry. Email:rphagan@pinnaclecapitalcorp.com
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