The Partners of ShoreView Industries are pleased to announce that Monroe Engineering Holdings, LLC (“Monroe”), a ShoreView portfolio company, has acquired Spangle Fasteners, Inc. (“Spangle”).
During the process of closing our platform investment in Monroe, ShoreView began working with the Monroe management team on potential add-ons. Spangle was identified as a strong strategic fit and worthy of immediate pursuit. Negotiations between Monroe and Spangle were conducted prior to the closing of our investment in Monroe and we were able to sign Spangle to an LOI one-day after closing our investment in Monroe. The acquisition of Spangle was then closed within 60 days, with a resultant increase to Monroe’s financial scale of approximately 30%.
Spangle is a full line supplier of industrial hardware, specializing in fasteners (nuts, bolts, and screws), primarily serving an OEM customer base. The Company’s components are used in the manufacture of various products such as commercial garage doors, agricultural pumps, and equipment trailers. The management team of Spangle and will continue to be actively involved in the business and is a strong addition to the Monroe team. The acquisition provides significant cross-selling opportunities within each customer base, as well as geographic expansion to Monroe with Spangle’s warehouse locations in Indiana and Texas.
ShoreView assisted Monroe in its acquisition of Spangle. This represents the first acquisition for Monroe during ShoreView’s ownership period.