Downer & Company Advises Main Street Resources on Sale of Vertex Fasteners to Watermill Ventures, Ltd.
BOSTON, August 22, 2005 - Downer & Company, LLC, an international investment banking firm specializing in middle-market cross-border acquisitions and divestitures, is pleased to announce that Main Street Resources has sold Vertex Fasteners to Waltham, MA-based private equity firm, Watermill Ventures, Ltd. Downer & Company acted as sole advisor to Main Street Resources and Vertex Fasteners on this transaction. The terms of the transaction were not announced.
Headquartered in Pawtucket, RI, Vertex Fasteners is a leading North American master distributor of corrosion resistant and metric fasteners. Its extensive product offerings include over 12,000 unique nuts, screws, bolts, washers and rivets. These products are sourced worldwide and sold to over 2,000 companies through 10 distribution centers across the United States. Vertex Fasteners, led by CEO David Hirsch, partnered with Main Street Resources, a CT-based private equity group, in 2002. Together, the two firms pursued an aggressive growth strategy centered around the successful acquisition and integration of West-Spec, a CA-based master distributor of fastener products.
"This mandate was essentially an exercise in finding the right partner to work with Vertex management to achieve the next phase of their growth strategy," said Paul Colone, Vice President with Downer & Company. "Watermill Ventures’ skills and experience enabled them to differentiate themselves in the process and successfully create a partnership with management."
"The management team at Vertex was the absolute key to this process," said Gregory Fanikos, Associate with Downer & Company. "Their professionalism and dedication allowed them to effectively balance this process with driving the business forward and ultimately resulted in a positive outcome for all the parties involved."
About Downer & Company
Since its inception in 1975, Downer & Company, LLC, has gained distinction as a leading middle-market M&A firm focused on the execution of acquisition and divestiture mandates for international and domestic corporations and private equity firms. Downer & Company is headquartered in Boston, Massachusetts, and has offices in Paris, Dublin, Frankfurt and Sydney. Downer & Company received an award for transacting the “International Cross-Border Deal of 2004” and was recognized as the top Investment Banking Firm of 2003 by The Mergers & Acquisitions Advisor. Downer & Company's corporate headquarters are located at 60 State Street, Boston, MA 02109. For further information, visit www.downer.com.