A Raymond Et. Cie

The Company

A Raymond Et. Cie (A Raymond or the Company) is a family-owned global designer, manufacturer, and distributor of metal and plastic fastener solutions for industrial and automotive customers. A Raymond enjoys leading market share in Europe with a strong presence in 20 countries on three continents. The Company was founded in 1865 and is based in Grenoble, France.

The Situation

Based in Brunswick, Ohio, Tinnerman Palnut Engineered Products, Inc. (Tinnerman) is primarily engaged in the design, production, and distribution of highly engineered fastener systems. Tinnerman serves as a “tier 1” supplier for clients such as General Motors, Ford, Toyota, Nissan, Honda, Hyundai, and Volkswagen. Tinnerman was adversely affected by the broad downturn in the automotive industry and the restrained lending environment. As a result, Tinnerman entered into a restructuring agreement with its lenders who initiated a sale process intended to maximize creditor recoveries.

The transaction

KPMG Corporate Finance was engaged by A Raymond to assist in analyzing, structuring, and negotiating a transaction to purchase substantially all of Tinnerman’s assets. Utilizing a cross-functional team of professionals from France, Canada, and the United States, we advised A Raymond on all major aspects of the transaction, including transaction due diligence, deal pricing and negotiation, transaction structuring, and tax-related issues. Using our knowledge of the United States bankruptcy code, we prepared a transaction analysis for in-court and out-of-court acquisition options that formed the basis of the Company’s bidding strategy and executed definitive documents within 90 days.