Global Fastener News

1992 FIN – Several New Companies Created Via a Complex Web of Events

April 13
00:00 2010

By Dick Callahan

FIN Editor

May 12, 1992 FIN – This story begins in 1987, when Equity Growth Corp., a holding company established by Richard Tucker and other investors that, as far as we know, is no longer active, purchased T.A. & D.A. Troy, Fairfield, New Jersey, a 75-year-old distributor of non-ferrous and stainless steel fasteners.
Equity placed Troy into Chapter 11, later emerged it from Chapter 11, and then conducted a public offering. With help from money from the public offering Equity Growth in 1989 purchased Majestic Screw-Bolt Co. Inc., Janesville, Wisconsin, a 60-year-old packager of standard fastener, and Maryland Nut & Bolt, Baltimore, Maryland.

In 1990, Equity liquidated Maryland Nut & Bolt, and followed up in mid-1990 by putting Troy and Majestic into Chapter 11.
To confuse the issue (and the market), Equity Growth during part of this period was doing business as (dba) T.A. & D.A. Troy.

In 1989, the primary lien holder forced the Equity Growth team out, and put in a new staff, headed by Richard “Dick” Mayoh. They promptly started hunting for buyers for Troy and Majestic.

Now to the happy ending(s): The assets of T.A. & D.A. Troy Co., Inc. were acquired last month (April, 1992) by John Vujevic, chairman of The Ferrous Fastener Group, Inc., Mokena, Illinois, a stocking importer of steel fasteners.
Vujevic plans to continue to offer brass and silicon bronze fasteners to distributors, under the new name Troy Brass Inc.
The assets of Majestic were acquired on May 4, 1992, by MNP Corp., Utica, Michigan, a manufacturer of screws, nuts and bolts, and parent company to Highland Bolt and Highland International.
Majestic will remain in Janesville, Wisconsin, as a repackager, under the new name The New Majestic Screw & Bolt Co., with Dick Mayoh as president and CEO. ©1992/2010 Fastener Industry News

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