Lone Star Fasteners merges with PRD

Lone Star Fasteners has completed its merger with PRD Holdings Limited in a transaction valued at approximately $150 million.

Based in Wolverhampton 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.
Last Cawthra Feather LLP advised LS Precision Manufacturing Inc, the US parent company of Lone Star.

Susan Clark led the team and said: “The deal was particularly challenging. We were dealing with 12 separate companies over at least four different legal jurisdictions. Many of the usual procedures that are often taken for granted in such deals simply conflict with the requirements of other jurisdictions and need rethinking. A great deal of cooperation between the lawyers and other professionals involved allowed these issues to be successfully tackled.”

Financing for the transaction was provided by Bank of Scotland.