Through a mix of organic and acquisitions growth since 1973, the business has flourished from a single fastener distributor to a leading global specialist engineering business
TR is a key global brand in a fragmented market with no one player holding >5% of global spend, supporting organic and acquisition growth opportunities.
As a full-service provider to multinational OEMs and Tier 1 companies spanning multiple sectors, TR delivers comprehensive support that flex to fit our global customers’ needs from concept design through to technical engineering consultancy, manufacturing, supply management and global logistics.
Successful first step on the Group’s acquisition-led North America expansion strategy
Acquisition - At the beginning of September TR acquired specialist fastenings distributor, Falcon Fastening Solutions Inc. which enhances TR’s North American offering and extends the Group’s global OEM customer base and presence in non-auto focus sectors.
Falcon, originally founded in 1957 as a family-owned distributor of industrial fastenings and Category ‘C’ components. It employs 20 people from two locations in South Carolina and Kentucky. Over 90% of production components supplied by Falcon are custom. It also specialises in designing customised supply chain solutions that support lean principles in manufacturing to reduce cost and improve efficiency for its clients. Falcon has a high level of customer concentration and serves a diverse range of sectors with minimal crossover of TR existing customer base. With a long-standing blue-chip customer base Falcon opens growth opportunities with Trifast global customers in key target states.
Following a strategic review of the Group’s businesses around the world, the Group’s smallest manufacturing site in Penang was sold to the local managing director
To support and drive global product range extension and ongoing growth Trifast acquired Precision Technology Supplies Limited (PTS), a key supplier and distributor of stainless steel fastenings in the UK, holding one of the widest product ranges of any supplier in Europe. Based in East Grinstead, UK, PTS was founded in 1988 it serves primarily the electronics, medical instruments, petrochemical, defence and robotics sectors. Its emphasis is on delivering high quality products and services, currently selling into c. 80 countries directly through its well-established distributor network, as well as digitally through its newly developed, fully integrated commercial website which lists over 43,000 products for sale.
Greenfield distribution and technical centre opened in Barcelona, Spain.
€8.50 million acquisition of industrial distributor Kuhlmann Befestigungselemente GmbH & Co. KG, Germany, extending Trifast’s European footprint.
New Lead team structure as part of succession planning
€27 million acquisition of Viterie Italia Centrale Srl (“VIC”), Italy, a leading Italian manufacturer and distributor of fastening systems providing an additional manufacturing facility in Europe to complement the Group's existing resources in Asia.
New Group three-year strategic plan implemented
£15 million acquisition of Power Steel and Electro-Plating Works Sdn. Bhd. (“PSEP”), manufacturer of highly engineered parts to the automotive, motorcycle and compressor industries in the Asian region.
Group underlying pre-tax profitability restored
Shareholder activism sees former CEO’s return to assist to restore and stabilise the business
Restructured lead team implement three-year recovery plan
£18 million acquisition of Serco-Ryan, the UK's fourth largest fastener company - consolidated Group operations
Acquired leading brands and IP – Supadriv®, Polymate®, and Twinfast® and the ‘brand’ acquisition of Pozidriv®, (originally developed by GKN. Today the Pozidriv® drive mechanism is renowned worldwide as an industry standard as well as being widely recognised within both the trade and DIY retail markets).
Opened distribution operation in mainland China specifically to target European and US companies operating in China
Expansion into Eastern Europe
Acquisition of Asian manufacturing capacity
Move into North America
HQ established and Group brand Trifast plc formed
Listed on the Main Market of the London Stock Exchange
Introduced Vendor Managed Inventory (VMI) into the UK fastener market
Pioneered logistical supply solutions
First manufacturing site opened in Uckfield
Local fastener distributor established in Uckfield, East Sussex, by Mike Timms and Mike Roberts
TR Fastenings brand was created