Bloomfield Hills-based TriMas has completed its previously announced acquisition of Affaba and Ferrari, a designer and manufacturer of precision caps and closures for food and beverage and industrial product applications.
“We are pleased to have closed on this strategic acquisition and look forward to Affaba and Ferrari’s contributions to our Rieke business and TriMas’ packaging group,” says Thomas Amato, president and CEO of TriMas. “Affaba and Ferrari will expand our existing food and beverage and industrial product lines, adding new product applications for consumer packaged goods and blue-chip industrial customers, and a state-of-the-art manufacturing operation to our European base.
“We welcome Silvia and Guglielmo Ferrari, the prior co-owners, (and) siblings and children of the original founder, Rosanna Affaba, to TriMas and our family of businesses. We are pleased Silvia and Guglielmo will stay on and continue to oversee the day-to-day operations of Affaba and Ferrari, and we look forward to working together to serve our existing and new customers with our expanded product offering.”
Located in Italy, Affaba and Ferrari designs, develops, and manufactures precision caps and closures for customers throughout Europe. They offer caps for juices, dairy products, and sport and energy drinks, and well as tamper evident, child proof, and flex spout caps. The company is expected to achieve about €32 million (nearly $39 million) in revenue in fiscal year 2020.
The deal was announced in October. TriMas will fund the acquisition primarily from existing cash on hand and its lines of credit. The company expects after closing that net debt to last 12 months earnings before interest, tax, depreciation, and amortization as defined under TriMas’ credit agreement, will remain less than two times due to TriMas strong cash generation in 2020 and current low leverage.
TriMas is a global manufacturer and provider of products for customers primarily in the consumer products, aerospace, and industrial markets. It has about 3,500 employees in 11 countries.
