%20(1).png){kind=logo}
.png){kind=logo}
Carter Morse & Mathias ("CMM") is pleased to announce that its client, Rostra Tool Company, based in Branford, CT, ("Rostra") has sold 100% of its stock to the Oetiker Group of Horgen, Switzerland. Carter Capital Corporation, a CMM affiliate, served as Rostra's exclusive financial advisor for the transaction, which closed on October 31, 2014. Terms of the cash transaction were not disclosed.
Backed by Buckingham Capital Partners and Ironwood Capital and financed by Harvest Credit Corp and Advantage Capital, Rostra designs and manufactures specialized hand tools mainly for the plumbing, automotive and electrical market. The company markets its product lines of crimp tools, press tools, cutting tools and strip tools to wholesale distributors and other market specific distribution channels under a number of trademarked brands, with its flagship brand being "Sargent Quality Tools". For more than 150 years, Rostra has led the industry in introducing innovative hand tool solutions that meet end users' exacting requirements for performance, durability, weight and ergonomics. For more information, please visit www.sargenttools.com.
Commenting on the transaction, Mick Sunter, President and CFO of Rostra, said: "This is a great move for our company. Both Oetiker and Rostra share a similar culture and philosophy and we are truly excited about the growth opportunities that will no doubt present themselves for both our organizations in the future."
Mr. Sunter continued "CMM did a tremendous job from start to finish and we could not be happier. Their senior team was intimately involved in every step and in the end, delivered a perfect solution for all parties involved. We could not have done this without them."
Oetiker Group, founded in 1942 and based in Horgen, Switzerland, is a multinational family-held company that provides a broad array of clamping and connection solutions for a wide range of applications in the automotive and industrial areas. The acquisition of Rostra strengthens Oetiker's tool capabilities and opens up additional growth opportunities in various global markets. "With the acquisition of Rostra's high quality hand tools, we further improve our system approach which is to serve our clients not only with leading connecting solutions and services but also with the right installation tools that are easy to use and reliable," says Thomas Meier-Bickel, CEO of Oetiker Group. "Furthermore, Rostra offers very attractive products specifically developed for the PEX plumbing market which will help us to further improve our market position in this field." For additional information about Oetiker please visit www.oetiker.com.
Rostra received legal advice from Updike, Kelly & Spellacy in New Haven, CT, and accounting services from Elliott Davis of Charlotte, NC. Oetiker Group received legal advice from Dean & Fulkerson from Troy, MI and financial advice from Starboard Capital Partners of Southport, CT.
For more information, please contact Ramsey Goodrich or Frank Morse at CMM
