Grede Holdings Acquired By Equity Firm, Management
American Securities LLC, a New York headquartered private equity firm, announced its acquisition of Grede Holdings LLC in partnership with the company’s management team. Grede, a manufacturer of cast, machined and assembled components for transportation and industrial markets, had been majority owned by a private investment fund managed by Wayzata Investment Partners LLC. Financial terms of the transaction were not disclosed.
Grede is a diversified iron casting supplier and the major producer of ductile iron castings in North America to the light vehicle, medium and heavy truck and industrial end markets. The company operates 17 facilities throughout North America with approximately 4700 employees.
“Grede is another example of our focus on identifying superior market-leading businesses,” said Kevin S. Penn, managing director at American Securities. “We are excited to partner with Grede’s exceptional management team and believe the company’s operational excellence positions it well to benefit from continued growth in the auto and construction markets.”
Grede Holdings was formed in February 2010 through the combination of the former assets of Grede Foundries, Inc., Blackhawk Foundry (USA) and Citation Corp. Through organic growth, strategic alliances and the completion of seven acquisitions, sales have grown to more than $1 billion annually.
“Grede has established a successful track record highlighted by strong revenue growth, best-in-class operations, reputation for quality and reliability, and our long-standing customer relationships,” said Douglas Grimm, Grede CEO. “For the next chapter in the company’s evolution, we look forward to partnering with American Securities to continue to expand our business and serve our customers.”Edit Module