United Tooling Solutions (UTS) has acquired three UK fastener companies – Mettex Fasteners, Nuts & Bolts and Fastfix Bristol – to take its annual revenue to GB£85 million (€101 million).
Through the support of existing funder, Shawbrook Bank, UTS was able to acquire Newcastle under Lyme’s Mettex Fasteners Ltd, Weston-super-Mare’s Nuts & Bolts Ltd and Fastfix Bristol Ltd. The businesses each supply and distribute fixings alongside power and auxiliary tools to manufacturers. UTS will retain all employees at the acquired companies and each business will retain their independent identities.
The acquisitions will see Exeter-based UTS increase its network of industrial tool suppliers to 120 branches UK wide, while enhancing the company’s online offering to customers. The firm turned to Shawbrook and Beechbrook, securing term debt and increased asset-based lending facilities to support the acquisition drive. Shawbrook also backed the firm with an asset finance line to help buy new vending machine units to distribute to customers.
The latest acquisitions follow the business acquiring Barnes JB Ltd, ABT Machine Tools & Tooling Ltd, and Howard Lee & Sons Ltd during 2020, as well as Drake Tooling & Abrasives Ltd, Kelvin Power Tools Ltd, Graham’s Machinery Sales Ltd and MOL Tools & Abrasives Ltd in 2021.
Chris Taylor, finance director at UTS, said: “The south-west and Midlands are strategically important regions for us – home to important manufacturing and engineering conurbations. However, ultimately, these new acquisitions help to enhance our position as an industrial tool provider with a truly national reach to support customers UK wide. Each business is a natural fit for our group, providing complementary expertise, product portfolios and markets. Carrying out three acquisitions and major inventory investments simultaneously is a highly complex process, but the teams at Shawbrook Bank and Beechbrook Capital were quick to support us with a creative solution that delivered the tailored finance we required.”
UTS is a trading subsidiary of national buying group Troy (UK) Limited, a GB£270 million revenue industrial buying group with 300 members operating more than 400 trade outlets.
Will joined Fastener + Fixing Magazine in 2007 and over the last 15 years has experienced every facet of the fastener sector - interviewing key figures within the industry and visiting leading companies and exhibitions around the globe.
Will manages the content strategy across all platforms and is the guardian for the high editorial standards that the Magazine is renowned.