TRIMAS ACQUIRES 70% OF ARMINAK
TriMas Corporation (NASDAQ: TRS)--a diversified manufacturer of engineered and applied products--announced today that it has acquired 70 percent of Arminak & Associates, LLC for $64 million, with $59 million paid in cash at closing. The agreement provides TriMas an option to purchase, and Arminak an option to sell, Arminak's remaining 30 percent interest in the company. The transaction closed on February 24, 2012, at which time Arminak became part of the Company's Packaging segment.
"We continue to identify and execute on acquisitions that are consistent with our targeted growth platforms of packaging, energy and aerospace," said David Wathen, president and chief executive officer of TriMas Corporation. "This acquisition complements our growth strategies for our Rieke business and provides opportunities for additional synergies."
Arminak & Associates is a leader in the design, manufacture and supply of foamers, lotion pumps, fine mist sprayers and other packaging solutions for the cosmetic, personal care, beauty aids and household product markets. Headquartered in Southern California, Arminak generated approximately $60 million in revenue for the 12 months ended December 31, 2011.
"Arminak will enhance our highly-engineered product offering and provide access to large global customers in the cosmetic and personal care end markets," said Lynn Brooks, president of Rieke Packaging Systems. "Arminak's custom design capabilities and rapid speed to market are impressive. This business is a natural fit with our organization and we welcome Arminak's employees to our Rieke family."
"This combination will enable us to better serve the needs of both companies' customers by providing a superior product portfolio, enhanced design and innovation capabilities, and improved global manufacturing flexibility," commented Helga Arminak, president of Arminak & Associates. "We are excited about the opportunity to partner with TriMas and Rieke in our efforts to accelerate growth and further support our global customers."
The Sage Group acted as exclusive financial advisor to Arminak & Associates.