Global Fastener News

Taiwanese Consortium Buys Brighton-Best

Jason Sandefur

Brighton-Best Socket Screw Mfg. and a Taiwanese consortium headed by Robert Shieh, president of Ta Chen International, jointly announced the acquisition of Brighton-Best. The newly formed company will be known as Brighton-Best International Inc.
Ta-Chen Stainless Pipe Co. led the consortium, which includes Chow-Send Co. Ltd., an investor in the fastener industry; China Development Industrial Bank of Taiwan; Mega International Commercial Bank; Cathay Capital Mgt. Inc., a Taiwan insurance company; Industrial Bank of Taiwan; and the CID Group, a Taiwan venture capital firm.
The deal, which may be valued at more than $90 million based on ESOP calculations, will keep Brighton-Best headquartered in Buford, GA.
Owner Perry Rosenstein will retire. Brighton-Best International will continue to be led by COO Steve Gruenhut, executive vice president George Oshkello and Gordon Anderson, vice president of sales.
At a press conference in Las Vegas, Rosenstein confirmed that all 300 Brighton-Best employees would retain their jobs.
“That to me is very important,” Rosenstein stated. “Screws have no character. They can be bought and sold anywhere in the world. The real asset is people.”
Under the deal, employees will share more than $11 million as 12% owners under an Employee Stock Ownership Plan.
Rosenstein, who termed the acquisition “a marriage of equals,” said the future plan of the new company would be to increase diversity of fastener products it now distributes, along with investment of new capital for international growth.
Oshkello told FastenerNews.com that he is looking forward to expanding, “particularly in Europe.”
Ta Chen chief Robert Shieh has been interested in buying Brighton-Best for several years. Ta Chen and Brighton-Best had negotiated a deal in 2006, which did not close.
“Finally we have a deal,” noted Shieh. He added that Brighton-Best is a “very good foundation of a company, very good people too.” Shieh wants to use Ta Chen resources to grow Brighton-Best.
For more details see the upcoming issue of FIN.
Brighton-Best opened in 1925 in a Cincinnati storefront and now has 34 distribution centers worldwide supplying inch and metric alloy and stainless socket screws to more than 6,000 distributors. Web: brightonbest.com
Ta Chen’s principle activities are manufacturing and processing stainless steel pipes, sheets, valves and other steel products. Ta Chen also trades related products including fasteners. Web:
tachen.com �2007 FastenerNews.com