HOUSTON, PRNewswire/ -- Lone Star Fasteners has completed its merger with PRD Holdings Limited in a transaction valued at approximately US$150 million. Based in Wolverhampton, United Kingdom, and with operational facilities in Dubai and China, PRD manufactures and supplies standard and specialty high-performance fasteners to the oil and gas, power generation, nuclear power, petrochemical, heavy engineering, construction and automotive industries through its group companies, which include PRD Fasteners, Eurofast, Triplefast International, Triplefast Middle East and The Fastener Network.
The combined businesses of Lone Star and PRD will be jointly managed by Bruce Ross, chief executive officer of Lone Star, and Allan Stennett, group managing director of PRD. Although Lone Star will be the surviving entity, the PRD businesses will continue to trade under the PRD, Eurofast, Triplefast and Fastener Network names. Lone Star is a portfolio company of Dallas-based Trinity Hunt Partners.
"As our customers expand their global manufacturing capabilities, Lone Star is focused on providing unrivalled levels of support, service and expanded product offerings anywhere around the globe," said Bruce Ross, chief executive officer of Lone Star. "Partnering with the PRD organization is an important step in realizing that vision. We are extremely pleased to welcome each of PRD's managers and employees into the Lone Star group of companies, and we look forward to pursuing further client, product and geographic expansion opportunities together."
Allan Stennett, now Lone Star's group managing director for the Eastern Hemisphere, commented, "Lone Star's expertise and market-leading reputation extends beyond fasteners to gaskets, precision machined components and industrial coatings, and will allow the PRD group companies to offer their customers a more complete range of product solutions from a single source. We are proud to join forces with the Lone Star team to better serve our customers with an expanded product offering worldwide."
Scott Colvert, partner at Trinity Hunt and chairman of Lone Star Fasteners commented, "Fifteen months ago, Trinity Hunt partnered with Bruce Ross to grow Lone Star. Since then, we have made substantial investments to enhance the management team and expand operational capacity, and have grown revenues nearly five fold to $150 million through organic initiatives and four acquisitions. Now, Lone Star is the first, truly global, fasteners, gaskets, precision machined parts and industrial coatings supply chain partner for the oil and gas, petrochemical and power generation industries."
Lone Star's merger with PRD follows Lone Star's previous acquisitions of LWD Precision Engineering, Coating Dynamics and Grange Gaskets. Post-merger, Lone Star will generate approximately US$150 million in revenue, serving more than 400 customers, with approximately 800 employees throughout its manufacturing and distribution operations in the United States, the United Kingdom, Romania, Dubai and China.
Financing for this transaction was provided by Bank of Scotland.
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