TFC Europe Ltd is expanding its logistics and fasteners capabilities with the acquisition of Walsall-based fastening company Cavalier Fasteners Ltd. The new group will have a combined workforce of more than 65 people and a turnover in excess of £14million.
TFC's logistical strengths are increased by the acquisition and the product portfolio in its customer database is also enhanced. Cavalier Fasteners was established in 1986 as a stainless fastener distributor, which quickly built a reputation for supplying the right product on time and at a competitive price.
Since its inception, Cavalier Fasteners has broadened its range of products to include non-stainless steel fasteners, silicones, packers, alignment washers and spider bolts - as well as an array of other items.
Martin Clarke, Managing Director of TFC Europe, says: "We see the acquisition of Cavalier as the perfect complement to the service and product range we have been supplying in the UK and Europe over the past 40 years. Cavalier will now have the increased financial muscle from being part of a bigger organisation within TFC Europe Ltd."
Blue Sky Corporate Finance, who acted on behalf of TFC's new board during its own management buyout in 2007, arranged the deal. It was funded by Clydesdale Bank. Martin enthuses: "Everybody involved with the Cavalier Fasteners deal worked incredibly hard to meet our deadlines to make sure this transaction happened. The professionalism and help shown by all involved is a testament to everyone's commitment to make Cavalier and TFC a huge success."
With Cavalier on board, TFC Europe is increasing its logistic and distribution capabilities by providing a central distribution centre. Morgan Burgoyne, Commercial Director at TFC Europe, says: "In the past year, TFC Europe Ltd has worked hard to develop its logistical capabilities and has honed many of its services using improved management supply techniques. We know that moving forward with Cavalier as part of our team we can now offer an unparalleled service to our customers."
Nick Brooker, Senior Partner at Clydesdale Bank in Tunbridge Wells, adds: "TFC is a company which has secured a niche in many industries, and it is this diversity which offers it huge potential to grow and why we are looking forward to working with them." The financial due diligence on the deal was undertaken by Horwath Clark Whitehill in Tunbridge Wells on behalf of Clydesdale Bank, TFC Europe Ltd and Foresight Venture Partners.