Frontenac has acquired EFC International, a distributor of automotive and industrial fasteners, from Quad-C Management.
EFC International is a provider of engineered fasteners and specialized components used in the automotive, electric vehicle, industrial and distribution sectors. The company’s products include plastic injection molded components, spring steel stampings, cold-formed fasteners, clamp products, motion control and routing components, electronic connectors, and light assemblies.
St. Louis-headquartered EFC, led by CEO Matt Dudenhoeffer, was founded in 1983 and has ten locations in North America (6), Europe (2) and Asia (2).
Quad-C acquired EFC in April 2013. “The true partnership we established with Matt and his team during our time together was second to none,” said Thad Jones, a partner at Quad-C. “Management’s ability to execute a global expansion strategy, inclusive of opening offices in China, Mexico, Korea, Germany and the UK during our partnership speaks to the talent of the team and the value proposition of the company’s business model in the global marketplace.”
“Our experience with Quad-C was both outstanding and rewarding,” said Mr. Dudenhoeffer. “We were very fortunate to have partnered with such a collaborative and supportive team. Their experience with the distribution industry and their insights focused on growth, profitability and global diversification enabled us to transform our business, double our sales and accelerate our trajectory. As a result, the business is better-positioned with our new foundation to catapult our continued strong profitable growth.”
Quad-C invests in companies with enterprise values of $50 million to $400 million. Sectors of interest include business and consumer services, general industrial, healthcare, specialty distribution, and transportation and logistics. Quad-C was founded in 1989 and is headquartered in Charlottesville, Virginia.
Mr. Dudenhoeffer and the members of his senior management team will continue to lead the business in partnership with Frontenac.
“We identify and invest in industry leaders that are growing in excess of the market and provide first-rate service to customers and suppliers alike,” said Ron Kuehl, a managing director at Frontenac. “EFC has grown impressively and perfectly fits our target profile. We look forward to deploying our playbooks, working with the team to accelerate the pace of progress, and having another successful industrial distribution investment for Frontenac.”
Frontenac invests in lower middle-market businesses that operate primarily in the consumer, industrial, and services industries. The firm was founded in 1971 and is headquartered in Chicago.
“EFC has performed exceptionally well over decades and generated record results this past year,” concluded Neal Sahney, a principal at Frontenac. “The team has successfully executed on a set of initiatives and has proven to be adept at both investing in the business for the long-term and growing earnings. The future is bright for EFC, and we are looking forward to collaborating with the team in support of their strategic plan.”
Piper Sandler & Co. was the financial advisor to EFC on this transaction.
© 2021 Private Equity Professional | November 4, 2021
