Dains Corporate Finance provides due diligence services on United Tooling Solutions’ double acquisition

Deal summary

The Dains Corporate Finance team has recently performed financial due diligence on Mettex Fasteners Limited and Fastfix Bristol Limited for the purpose of the acquisition of these companies by United Tooling Solutions Limited, with funding provided by Shawbrook Bank and Beechbrook Capital.

On 31st March 2022 UTS purchased two new businesses to support its member growth strategy. Mettex Fasteners Limited and Fastfix Bristol Limited are important additions to the group and will help UTS to further support its growing network of 392 members.

Newcastle-based Mettex Fasteners Limited was formed in 1989 by Steve Berrington and is a national distributor of fasteners, tools, abrasives, fixings, engineering and industrial products and equipment to fabricators, motor body builders, OEM’s, engineers and construction companies. Bristol based Fastfix Bristol Limited was founded in 1990 by Andy Burridge and sells tooling and fixings. Fastfix is regarded as the UK’s number one seller of Makita power tools, garden tools and accessories.

Our Role

Roy Farmer, Rob Wilson, Constance Host and Kam Atwal undertook financial due diligence on Mettex Fasteners Limited and Fastfix Bristol Limited.
Our work included a review of the historic financial performance and compliance with FRS102, as well as a quality of earnings review, normalised working capital, and surplus cash/net debt calculations.

What our client said

Chris Taylor, CEO at United Tooling Solutions, said: “Rob and Dains have been a great partner for us for many transactions in recent years. The team go the extra mile to understand the industry we operate within and have been fantastic at working with the sellers to achieve a robust and commercial financial due diligence report to support the deals. Dains’ flexibility and support through these complex acquisitions adds tremendous value to enable an efficient process for all”.

What we said

Rob Wilson, Corporate Finance Director at Dains Accountants, said: “It was great to work with Chris and the team at UTS again, and we were delighted to support them on these two acquisitions. We have established a strong working relationship and understanding of the industry within which UTS operates, and we look forward to working on further acquisitions in the future.”