Velcro Companies has acquired Alfatex, a leading manufacturer of hook and loop fasteners in the medical, automotive and industrial sectors, and Gevaert, which manufactures elastic and rigid webbings for the apparel industry.
The move will expand Velcro Companies’ presence in Europe, broaden its product portfolio and open the way for investment in research and development to speed the pace of product innovations.
“We are rapidly building global capabilities to reach greater scale and efficiency, while at the same time strengthening our local presence to remain close to customers,” said Fraser Cameron, President and CEO of Velcro Companies. “This approach will help us respond to customer needs, spot opportunities for new product innovations and improve our ability to deliver for customers quickly and efficiently.”
Alfatex and Gevaert are privately held and based in Deinze, Belgium. Alfatex has an extensive portfolio of specialized products that ranges from bespoke straps for bandages to customized solutions for the automotive industry. Gevaert has been a leading manufacturer since 1899, specializing in webbings for braces, belts, and elastic waistbands primarily for apparel brands. Financial terms for the transactions were not disclosed.
The transaction marks another step in Velcro Companies’ strategy to expand its global platform, strengthen its operational capabilities and accelerate new product development. In 2014, Velcro Companies expanded its presence in Brazil and Latin America through an acquisition and the opening of a new office in Sao Paulo.
Cameron added: “With three acquisitions in the past 18 months, Velcro Companies has emerged as the leading independent company in the global fastening industry, with a focused strategy to use our agility, creativity and proximity to customers to drive innovation and growth.
“Our expanding global scale enables Velcro Companies to sustain significant investment in research and development. Our opportunities lie not only in providing better solutions than any of our corporate competitors, but we are uniquely positioned to open entirely new categories of products. Alfatex and Gevaert have strong reputations for innovation and customer insight that will help us reach this goal.”
