Auxo Investment Partners acquires Securit Metal Products

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Securit fabricates permanent mechanical fasteners known as solid rivets, which are used in a variety of industrial applications, including semitruck trailers, automotive subassemblies, boats, bourbon barrels and cookware. Courtesy Securit Metal Products

A local private equity firm acquired a manufacturer of rivets based in southwest Michigan.

Grand Rapids-based Auxo Investment Partners recently acquired Dowagiac-based Securit Metal Products, a 70-year-old manufacturer of solid and semitubular rivets based in the Michiana area.

Terms of the deal were not disclosed.

Auxo said the addition of Securit complements its previously reported acquisition of Prestige Stamping, a Warren-based manufacturer of custom-engineered washers and stampings for the fastener industry.

The purchase marks Auxo’s sixth acquisition in the state of Michigan and 14th overall.

Based in Michigan for much of its history, Securit fabricates permanent mechanical fasteners known as solid rivets (as well as semitubular rivets), which are used in a variety of industrial applications, including semitruck trailers, automotive subassemblies, boats, bourbon barrels and cookware. (Examples of nonpermanent fasteners include screws, nails and bolts.)

Securit serves numerous industries, especially the trucking industry, which requires large quantities of rivets for trailer assembly.

“As we got to know the Auxo team, we felt confident about what working with them would mean for our company, our employees and our community,” said Securit President Bryan Knoll, who will continue in his current role. “We are proud of the tight-knit workplace that we’ve established over the past seven decades and genuinely excited about how this partnership will bolster our market position by expanding our sales infrastructure and leveraging new opportunities in coordination with Prestige Stamping.

“More importantly, we can count on Auxo to be careful stewards of the business with a genuine commitment to our people and community, because they live and work here, too.”

The deal was an appealing one for Auxo, the firm said.

Jeff Helminski Courtesy Auxo Investment Partners

“Securit has built an exceptional reputation for service quality, timeliness and delivery, as well as an enviable workplace culture that you just don’t see every day,” said Jeff Helminski, Auxo co-founder and managing partner. “I have never heard customers rave about a supplier the way customers talk about Securit. We are excited to partner with Bryan to further solidify Securit’s strong position in the industry through the deployment of Auxo’s growth playbook and exploring smart ways to maximize synergies between Securit and … Prestige Stamping to enhance the company’s infrastructure and operations.”

Increased demand for freight services has resulted in many trucking companies updating and expanding their fleets of semitruck trailers. Simultaneously, the industry is increasingly embracing drop-and-hook freight — a loading technique that reduces the time drivers wait for the freight to be loaded and unloaded from the trailers, necessitating larger trailer fleets.

With both factors increasing demand for rivets, Securit expects to see continued growth, given its available manufacturing capacity and “best-in-class” customer service, the companies said.

Advisers and lenders on the transaction included Miller Johnson, Barnes & Thornburg, KSM, BHS Insurance, Strategies Wealth Advisors, Krauter & Co., Thomas Brady & Associates, Miedema Appraisals, Mercantile Bank of Michigan and Oxer Capital.

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