FKI plc acquisition of Wright Products Corp
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: Wright Products Corp.
Based in Rice Lake Wisconsin, Wright Products was a family-owned business that designs lock products for multiple markets. The company creates and sells locking and securing products for automotive, security, lighting, and electronics customers. The company also sells hardware for storm doors, patio doors and screen doors.
A second-generation owned business Wright Products recapitalized with Norwest Equity Partners the year before ACS approached with the idea of having Wright Products join FKI’s building products division. Joining FKI would give Wright Products access to global markets, expand the Rice Lake manufacturing facility, and provide capital for growth. Family and Norwest were supportive of the deal which closed in May 1996 at a total consideration paid of $42.5m for 100% of the shares of Wright Products.
Broker/Dealer: Not Applicable (pre-FINRA regulation)
Completion: May 1996