Springboard advises on the sale of Heads & All Threads to US listed ParkOhio
October, 2017 - Birmingham, England
Springboard Corporate Finance is delighted to announce that it has advised leading European supplier of supply chain management services, Heads & All Threads Limited, on its cross-border sale to NASDAQ listed, ParkOhio Holdings Corp (NASDAQ: PKOH).
Founded in 1986, with operations in the UK, Czech Republic, Poland and India, Heads & All Threads specialises in developing vendor-managed inventory programs for fasteners, machined parts and other class C components to multiple end markets, including construction and automotive.
ParkOhio, headquartered in Cleveland, Ohio, is a diversified international conglomerate, providing multinational customers with a supply chain management outsourcing service, capital equipment used on their production lines, and manufactured components used to assemble their products. ParkOhio operates 63 manufacturing sites and 65 supply chain logistics facilities worldwide.
Edward F. Crawford, Chairman and Chief Executive Officer of ParkOhio, stated, “The strategic acquisition of Heads & All Threads, with annual revenues of approximately $35 million, will immediately be accretive to earnings. HAT has an impressive history of sales growth and will strengthen our market position for supply chain management services”.
Springboard partner David Neate and manager Matthew Guest advised Heads & All Threads on the sale.
David commented “We are delighted to have been able to support the shareholders on the sale of Heads & All Threads to ParkOhio. Under the stewardship of Stuart Whitehouse and Steve Ward, the business has developed a strong international footprint and this sale will facilitate its continued expansion. The sale to ParkOhio underlines the attractiveness of UK assets to global acquirers, despite Brexit fears. We believe this trend will continue”.
