- International industrial fastenings group Trifast has acquired Precision Technology Supplies (PTS), a supplier and distributor of stainless steel fastenings in the UK.

The initial cash consideration is £8.5 million, subject to adjustment based on the net cash in the business at completion, with a contingent cash consideration of up to £2.5 million.

Trifast said the acquisition offers the opportunity to build the group's presence within the stainless steel fastener market, enhances its core OEM customer offering and supports ongoing distributor sales growth.

The acquisition is expected to be earnings enhancing in the financial year-ending 31 March 2019.

Mark Belton, CEO of Trifast, said: "PTS will run as a stand-alone business within the TR family of businesses - however it will, like other brands within the TR portfolio, significantly benefit from the Group's marketing and global sales services which will open-up international markets and access to TR's wider customer network. We anticipate that within the enlarged group, PTS will be very well placed to drive further sales growth over the coming years.

"Having got to know PTS well, we can see that their additional skills, customers and end markets will further strengthen our profile within the stainless steel market. Building on our product offering and our technical expertise will serve us well as we continue to roll out our strategy for growth."

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