Porteous Fastener Acquires Heads & Threads
Porteous Fastener Company acquired certain assets of Heads & Threads International.
“This was the longest, most difficult negotiation of which I’ve ever been a part, but well worth it in the end,” PFC president Barry Porteous said. “I think it is the best possible outcome for the vendors who have not been paid since mid-December.”
Executive vice president Bob Porteous said PFC will now add several thousand new items to its inventory, including a major expansion in socket screws.
“I’m excited about the addition of all the new items, and especially sockets.”
Porteous announced it has hired Brighton Best International purchasing manager George Mraz to oversee the PFC socket expansion. That includes new socket sizes, plated and patched product.
Bob Porteous noted, “We also had the opportunity to hire many of HTI’s top inside sales and warehouse employees.”
PFC’s inventory control department analyzed the 25-million pound HTI inventory. “A lot of really good stuff, but also several million pounds are headed to the scrap yard,” Porteous VP Bruce Darling explained.
The HTI assets went up for auction this month. The auction was conducted by Chicago-based Proskauer Rose LLP.
The auction offered for sale, free and clear of valid and enforceable recorded liens, as well as all of the Assignee’s right, title and interest in and to the Assets, including, but not limited to, the inventory, equipment, packaging and supplies, and fixed assets (including but not limited to warehouse racks and equipment),” according to the auction notice.
The transaction excludes all cash, deposits, accounts receivable and computer hardware and software.
The Stalking Horse Offer for HTI is an estimated $11,993,407, which is based on a March 31 inventory report.
Founded in 1966, Southern California-based Porteous Fastener is an importer/master distributor of construction and industrial fasteners selling only to distributors. The company has 17 branches in the U.S. and Canada.
As of the beginning of 2011, HTI was led by CEO/president Michael Wrenn; CFO and vice president for finance Fred Weber; vice president for operations and transportation Jim MacWilliams; and vice president of materials Ruth Dowling.
Officially HTI was a master distributor and importer with a product list of 14,000 items. HTI has branches in Atlanta, Cleveland, Houston, Miami, Seattle Dallas, Los Angeles, New Jersey, Tampa and is headquartered at 785 Center Ave., Carol Stream, IL 60188. Tel: 732 727-5800 or 800 929-1950 Web: headsandthreads.com ©2011 GlobalFastenerNews.com
Editor’s Note: For the history of Porteous Fastener and HTI, click HERE.
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