News

Meridian Capital Announces Sale of Fasteners, Inc. to Fastenal

05 November 2015

Seattle, WA | November 2015 – Meridian Capital LLC (Meridian) is pleased to announce the acquisition of Fasteners, Inc. by Fastenal Company.

In connection with the transaction, Meridian served as the exclusive advisor to the shareholders of Fasteners, Inc.

Fasteners, Inc. was founded in Spokane, Washington in September 1961, with locations in Washington, Oregon, Idaho and Montana. As the name implies, the company focuses on fastener products, but also sells a broad range of industrial supplies. The company has grown its business over the years to include thirteen store locations and anticipates 2015 revenues of approximately 36 million.

Fastenal Company (Nasdaq:FAST) sells different types of industrial and construction supplies in all major product categories including fasteners, tools, janitorial, chemical, paint products, electrical supplies, welding supplies, safety supplies, metals, and office supplies. Fastenal operates approximately 2,600 stores located primarily in North America with additional locations in Asia, Europe, Central and South America, and Africa.

“I am extremely excited about the opportunity for the business and our employees to move forward with Fastenal,” stated Dennis Hanson, President and owner of Fasteners, Inc. “Fastenal brings an enormous supply capability and cost savings technologies to our customers. This union will help us grow and better serve our customers, while maintaining the excellent quality and service our customers expect.”

Meridian Capital’s Patrick Ringland added, “Representing Dennis and his team at Fasteners as well as working with the highly polished team from Fastenal was great. The integrity of everyone involved was evident from the beginning which helped solidify this excellent outcome for all parties.”

“We feel this is a great opportunity to grow our operations within the Pacific Northwest,” added Dan Florness, Executive Vice-President and CFO of Fastenal. “Fasteners, Inc. shares our same core values of integrity and great customer service, and we believe they will be a great strategic fit within our shared geographic locations.”

“This transaction is about shared beliefs around serving the customer – a strong core value for both companies. Fasteners is a perfect fit for Fastenal to continue growth into the Pacific Northwest region by acquiring an amazing team and access to leading regional companies,” added John O’Dore, Managing Director of Meridian Capital.