Global Fastener News

1989 FIN – Turnbull Acquires Florida Bolt & Nut

October 23
00:00 2010

 

November 30, 1989 FIN – Michael L. Turnbull of Fastener Services Inc., Detroit, Michigan, and Neil McGinness of Palm Beach, Florida have purchased the controlling interest in Florida Bolt & Nut Co., West Palm Beach, Florida, Howard Swartzannounced.
Florida Bolt becomes the fourth company under the management umbrella of Fastener Services, Inc., which also oversees TEBCO Threaded Fasteners, TEBCO Products, and Tri-West Products, Inc. More about those companies shortly, but first, we’ll pass along some details about Florida Bolt.

Founded in 1953, Florida Bolt & Nut was acquired by its present management team in 1964. In 1986 Howard Swartz became chairman of the board and turned over the day-to-day operations to his son, Michael Swartz, who became president and Cheryl Warner, executive vice president.

Through the years, the company underwent a number of expansions, including the opening of another manufacturing facility in Fort Lauderdale, Florida, and a branch in Miami, Florida.

To date, Florida Bolt & Nut operates 40,000 sq. ft. of warehouse space and performs thread rolling, shearing, welding, drilling, and sawing operations at its Ft. Lauderdale facility. Supplying a wide range of bolts and nuts, the company also offers tie rods up to 4 in. diameters and 40 ft. Lengths.

During 1989, Florida Bolt & Nut was selected as Quality Vendor Award winner by the Florida Power & Light Co. and also was the recipient of the first annual Malcolm Baldridge National Quality Award, presented in commemoration of the late Malcolm Baldrisge, former Commerce Secretary,

Howard Swartz, a former chairman, will remain with the company. Michael Swartz and Cheryl Warner, who will continue as president and executive vice president, respectively, will also keep their existing stock ownership in the company. Additional upper management duties will be handled by James D. Finn of Fastener Services, Inc.

In past issues of FIN, we’ve reported in detail on the evolution of Fastener Services, Inc. but would like to pass along a capsule summary to bring you up to speed, working from memory and some of our records.

• Acquisition of Tri-West- In late 1977, Michael Turnbull, at that time a commercial banking officer, closed a deal to acquire Tri-West Products, Detroit, Michigan, from former owner George Zerbel. Equity positions were offered to some of the upper management team, including Dick Luce, who has remained at Tri-West and is now the general manager.

Serving the three states of Michigan, Ohio, and Indiana (hence the name Tri-West), the company supplies specialty and proprietary fasteners to automotive subcontractors. Under Turnbullls direction, Tri-West has also begun supplying fasteners to the furniture and office equipment industries.

• Acquisition of Tennessee Bolt – In late 1986, Turnbull acquired Tennessee Bolt, with operations in Memphis and Nashville, after having held discussions with Bill Gassaway, president of the company at that time. Turnbull had formed a company called TWP Holding Corp. to complete the purchase and to oversee Tri-West and Tennessee Bolt. The acquisition of Tennessee Bolt provided Tri-West with 1.) a manufacturing base (cold heading of #6 to 3/8 in. diameter screws up to 4 in long) 2.) A plating facility and 3.) a source of imported fastener products.

When it was acquired, Tennessee Bolt underwent changes in its structure and upper management. Renamed “TEBCO”, the operation was reorganized into TEBCO Threaded Fasteners and TEBCO Plating Division (the company’s manufacturing operations) and TEBCO Products and TEBCO Maintenance Division (the company’s distribution divisions). A general manager was name to head up each division.

• Formation of Fastener Services, Inc. – After come top-down reorganization within the TWP Holding Group, Turnbull formed, in March 1988, a new management company called Fastener Services, Inc. The new company was formed 1.) to assist the operating managers of the acquired companies in their day-to-day activities, and 2.) to acquire profitable, well managed distributors in the U.S. and/or Canada.

Fastener Services, Inc. is headed by Turnbull, president; Gary Edick, vice president, sales and marketing; and Jim Finn (mentioned above), vice president administration and finance.

Besides it’s most recent acquisition of Florida Bolt & Nut, Fastener Services acquired Mississippi Bolt & Screw Co. late in 1988. Mississippi Bolt & Screw, based in Tupelo, Mississippi, now operates as the TEBCO Products-Tupelo Division, supplying Mississippi and Alabama with fasteners for the furniture industry.

If you are wondering why we’re sending the time to bring you up to speed on Fastener Services, Inc., it’s because you can expect Mike Turnbull to remain a major player in the fastener industry. When Fastener Services, Inc. was formed in 1988, he told FIN that the company expects to acquire one company per year and grow considerably through acquisition and internal development. So far he’s on target by acquiring Mississippi Bolt & Nut in 1988 and Florida Bolt & Nut in 1989.  1989/2010 Fastener Industry News.

 

 

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