Trifast PLC announced it has conditionally agreed to acquire the entire issued quota holding of Viterie Italia Centrale (VIC), a fastener manufacturer and distributor based in Fabriano, central Italy, for an aggregate consideration of 27 million euros.
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Completion is expected shortly after a Trifast General Meeting scheduled for 30th May to obtain shareholder approval.
Founded in 1964 by the Perini family, VIC predominantly manufactures and distributes fastening systems for the white goods industry, numbering most of the major OEM brands as customers, and has recently expanded into automotive lighting fastening components. VIC reported sales of 27 million euros in 2013 generating profit before tax of 5.4 million euros. VIC recorded sales growth of 7% and 16.75% in 2011 and 2012 respectively. Seventy percent of current ownership is held by DGPA, an Italian private equity company, which invested in 2008 when the founder wished to retire. The founder’s son and current managing director, Carlo Perini, holds the remaining 30%.(…)
