US private equity firm Watermill Group has acquired Sheffield-based industrial fasteners business Cooper & Turner.
Cooper & Turner makes and distributes high-strength, large diameter fastener systems for use on wind turbines, railway tracks and steel construction buildings. It serves customers around the world and has manufacturing and distribution operations in Europe, China and the US.
The firm has around 150 employees and reported turnover of £17.7 million for the year to February 2016.
The cross-border transaction expands Watermill’s presence in the UK, and adds to the firm’s portfolio of holdings in the US and Mexico.
Julia Karol, president and COO of Watermill Group, said: “Cooper & Turner’s reputation and track record is virtually unmatched. We are impressed with the company’s unwavering commitment to quality and safety, its high customer service levels, as well as its global manufacturing and distribution footprint. Combining Watermill’s strategy-driven approach with Cooper & Turner’s highly experienced management team, the company has an exciting opportunity to become the world’s first, truly global mission-critical fastener supplier.”
Tony Brown, CEO of Cooper & Turner, added: “We are thrilled to join Watermill for this next chapter in the history of Cooper & Turner. For nearly two centuries, this organization has evolved and thrived – innovating alongside cutting-edge customers and developing industry-leading service levels across established and emerging sectors. Watermill’s strategic guidance will be invaluable to us as we continue in this tradition of growth and progress.”
Ronald Krisanda, Watermill Group advisor and former president and COO at Milacron Holdings Corporation, will serve as the chairman of the board of advisors for the company.
He said: “Cooper & Turner is a compelling business with a highly experienced senior management team, led by brothers Tony and David Brown, whose entrepreneurial vision and operational expertise have been paramount to the organization’s success. We look forward to working with them and their team to uncover new opportunities and accelerate the Company’s growth in the booming international wind sector and beyond.”
Cooper & Turner senior management, including Group CEO Tony Brown and Head of Group Production David Brown, will remain in their current positions and retain a significant shareholding in the company.