Shields & Company is pleased to announce it advised Mid-States Bolt & Screw Co. (“MSB” or the “Company”) in its partnership with MPE Partners (“MPE”). Founded in 1973 and headquartered in Burton, Michigan, MSB is a second generation, family-owned business providing fastener and MRO distribution to customers across the United States, Canada, and Mexico. The Company’s vast on-hand inventory, vendor managed inventory, kitting & packaging, and vending machine services allow MSB to provide outstanding customer service to its diverse base of over 3,500 active customers.
“This was the most important event of my professional career, and I couldn’t be happier with the decision to partner with the Shields team. From our first meeting they described their focus on preparation, positioning, process, and partnership. As we progressed, we saw the importance of each of these components and how they drove our outcome. Chris’ and Darwin’s expertise, patience, and guidance were vital to helping us achieve a result that exceeded our wildest expectations. They found us a great partner in MPE, and we are excited for what the next 50 years holds for the Company,” said Scott Somers, shareholder and President of MSB.
Ken Rappuhn, CFO, added “The Shields team dug into the details and quickly became an advisor to all aspects of our business. They took the time to understand the underlying drivers and helped us look at many aspects from a different perspective, adding value well beyond just purchase price. Their support and management of the process allowed us to continue our growth trajectory while managing the numerous diligence streams. Brooks (Parker) kept us all organized and didn’t allow any details to slip through the cracks, which helped us close quickly and at a premium value. The Shields team helped me grow as a leader throughout the transaction and have become great friends.”
Graham Schena, Partner at MPE, said, “We are looking forward to partnering with the Somers family and the rest of the Mid-States team to accelerate the Company’s growth through continued customer service and product availability, as well as organic and inorganic geographic expansion.” Nick Stender, Principal at MPE, added, “The Somers family has built Mid-States into a world-class distributor over the past several decades, and has exciting growth planned. We look forward to helping Mid-States accelerate its growth while maintaining the culture and tradition of excellence that has made the Company so successful to date.”
“The Somers family built an incredible organization over the last 50 years from the ground up. The family recognized that accelerated growth would require additional resources and sought a partner that could help build upon the foundation without sacrificing the characteristics that made the business so successful over the past half century. We couldn’t be more excited for the Company and the management team about its partnership with MPE,” said Chris Nicholas, Managing Partner of Shields & Company.
“It was a pleasure working with Scott, Matt, and the deep and talented MSB leadership team, who built an impressive business through an unyielding commitment to customer service. MPE has a long and successful track record unlocking growth potential in the family-owned businesses in which it invests. We look forward to following MSB’s continued success in its next chapter in partnership with MPE,” said Darwin Olympia, Managing Director with Shields & Co.
Greg O’Shaughnessy, Amy O’Keefe, and Anthony Bova from Nixon Peabody LLP’s Boston office served as MSB’s legal advisor. MPE was advised by legal counsel Akerman LLP.
Shields & Company acted as financial advisor to Mid-States Bolt & Screw Co. in the above transaction.