FKI plc acquisition of the Truth Division of SPX Corporation

 

Client Buyer:  FKI plc (NKA: Tyman plc)

FKI plc is an industrial holding company manufacturing engineering products. FKI plc was acquired for £478m in July 2008 by Melrose plc, a public company traded on the London Stock Exchange (MRO.L).  FKI’s building products division was subsequently sold for $208m in July 2013 to Tyman plc, a public company traded on the London Stock Exchange (TYMN.L).

 

Seller:  SPX Corporation – divestiture of Truth Division

Based in Owatonna Minnesota Truth Hardware has been designing and manufacturing window and door hardware since 1955 and is now considered the leading manufacturer of window and door hardware in North America.  Truth Hardware sells directly to such major window manufacturers as Marvin Windows, Anderson, Jen-Wen, Pella & Ply Gem.

 

Transaction Details:

FKI’s Keeler Hardware was a leading brand built through a series of acquisitions over a 15-year period beginning in the 1970s.  Upon the retirement of the founder and business development executive, ACS was brought in to carry the acquisition program forward.  ACS made a compelling case to SPX management that FKI could preemptively close a deal to acquire Truth Hardware, the deal was closed September 10, 1993 at $102 million.

 

Broker/Dealer:  Not Applicable (pre-FINRA regulation)

Completion:  September 1993

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