Shimtech Industries, an aerospace components manufacturer in Santa Clarita, recently announced that it has acquired Fastener Technology Corp., a North Hollywood supplier of specialty high-strength fasteners.
Since 1979, FTC has served commercial and military aerospace clients, such as Lockheed Martin, Northrop Grumman, Boeing, Raytheon and Wesco Aircraft.
FTC’s current management team and President Dennus Suedkamp are expected to stay on after the acquisition.
“FTC is well-placed to capitalize on the significant growth opportunities that lie ahead,” Suedkamp said in a prepared statement, referring to the combined company’s larger manufacturing capacity.
Shimtech’s components division makes metallic and composite parts that work with FTC’s fastener products. The manufacturer has four manufacturing plants in the U.S., three in Europe and one in Mexico.
“The FTC team has built a fantastic business with an unrivaled reputation,” Shimtech Chief Executive Brian Williams said in a prepared statement. “We are excited about the complementary nature of our products and look forward to building on (Bulent) Gulistan’s foundation (the founder of FTC) as we serve our customers and take our business to the next level.”
While the sellers were advised by investment bank McLean Group, which specializes in aerospace and defense, the buyers were advised by a coalition of Drinker Biddle & Reath in Chicago, CDS in San Francisco, KPMG in Chicago and Grant Thornton in Irvine.