Private Equity Firm Acquires Safety Socket Screw Corp.
Private Equity Firm Acquires Safety Socket Screw Corp.
John Wolz
A Chicago-based private equity firm acquired Safety Socket Screw Corporation and Richard Payne will continue as president. The 73-year-old manufacturer now operates as a newly formed Safety Socket LLC, which is controlled by Chetrum Capital LLC.
Chetrum has previously invested in a wide range of industries, including medical devices, industrial and consumer goods, telecommunications, real estate and oil and gas ventures. Chetrum managing director James Erbs described Safety Socket as “a tremendous brand, a great product and a company which has weathered the recent industry-wide financial challenges better than many of its competitors.” Payne explained the acquisition brings “increase financial strength and improved operations to help us achieve our goal of being the pre-eminent supplier of high quality specialty fasteners in the United States.”
Chicago-based Safety Socket produces inch and metric hexagon socket screws in alloy and non-ferrous metals sold through Kanebridge Corporation, made to print special fasteners and modified standards, custom cold-formed products and parts in a variety of metal and screw machine products.
Steven Payne remains sales & marketing vice president and Peter Werner vice president for quality assurance. E-mail: info@safetysocket.com Web: safetysocket.com �2004 FastenerNews.com
There are no comments at the moment, do you want to add one?
Write a comment