Press Releases


FABRISTEEL® AND WHITESELL® CANADA HAVE BEEN ACQUIRED BY PENN ENGINEERING®

Birmingham, Michigan – September 5, 2017 – Angle Advisors is pleased to announce that Whitesell® Formed Components, Inc., a/k/a Fabristeel®, (“FabriSteel”), and Whitesell® Canada, both of which are subsidiaries of Whitesell® Group, have been acquired by Penn Engineering & Manufacturing Corp (“PennEngineering”), a portfolio company of Tinicum Incorporated.  Angle Advisors acted as the exclusive investment banking advisor to FabriSteel and Whitesell Canada in completing this transaction.

Founded in 1920, FabriSteel has operations in Waterford, Romulus and Novi, MI.  FabriSteel is a leading designer and manufacturer of proprietary and patented self-piercing, clinching and riveting fasteners and installation systems for the automotive market. FabriSteel’s highly engineered components and systems are specified by its OEM and Tier customers worldwide and provide superior, structurally sound attachments for demanding applications throughout the vehicle.  FabriSteel’s mechanical fastening solutions are also a key factor in meeting the challenges inherent in joining lightweight metals and mixed metals, a fast growing trend in the automotive industry across the vehicle architecture.

Whitesell Canada is a premier technical distributor of proprietary, complex “design-in” print specific fasteners and components to the automotive and general industrial markets throughout North America and will operate alongside PennEngineering’s existing automotive “make to print” business.

Neil L. Whitesell, Chairman and Chief Executive Officer of the Whitesell Group of companies, stated, “While the Whitesell Group has rarely divested any of its businesses in its 46-year history, these two companies shared a unique long-term alignment with PennEngineering’s automotive business, making it an ideal opportunity for the future of those companies and their employees.   Further, we would like to thank the team at Angle Advisors for their support, execution and advice throughout this transaction.  They did an excellent job of guiding us through the complexities of the process which resulted in the best possible partner for FabriSteel.”

Mark Petty, CEO of PennEngineering®, said, “We are excited to reunite a 40-year heritage between FabriSteel and PROFIL® and have both highly regarded product lines together in our portfolio.” Chris Marx, Chief Commercial Officer at PennEngineering, added, “The acquisition is a key step by PennEngineering in the evolution of our Mechanically Attached Fasteners offering in North America for our automotive and transportation customers, and continues our intense focus on engineered products for assembly.”

Founded in 1942, PennEngineering is the global leader in the development and manufacture of precision fasteners, components and installation systems for thin sheet attachment solutions, structural automotive fasteners and cable management systems. With globally recognized brands, including PEM®, microPEM®, PEMSERTER®, PENNAutomotive™, PROFIL®, PennAuto™, Atlas®, and HEYCO®, the company provides design and product solutions worldwide for diverse industries, including electronics, data/telecom, medical, automotive, solar, appliance, and metal fabrication.  The company operates design, sales, service, and manufacturing facilities in North America, Europe and Asia. For more information, please visit, www.pemnet.com.

Angle Advisors, with offices in the United States, Germany, the United Kingdom, and China, specializes in mergers and acquisitions and capital raising with a particular emphasis on the vehicular and industrial sectors. The firm’s professionals have completed 177 transactions since 2009 for multinational corporations, privately-held companies, private equity funds, and public sector clients. For additional information, please visit www.angleadvisors.com.