Trifast has acquired Kuhlmann, a distributor of industrial fastenings to the German market. The acquisition continues Trifast’s track record of securing complementary, self-managing, highly profitable businesses on attractive multiples (P/E of c.7x), which help to accelerate its growth. We have increased our adjusted EPS forecasts by 1% for FY16 and by 4% in FY17, the 1st full year of ownership. We have also raised our target price from 129p to 133p. The recent trading update confirmed encouragi ....
