IOP Invests in Monroe Truck Equipment
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IOP Invests in Monroe Truck Equipment

monroe nf1Industrial Opportunity Partners (IOP) has invested in Monroe Truck Equipment in partnership with the current management team and owners.

Monroe Truck Equipment is a designer, manufacturer, distributor and installer/upfitter of specialized truck equipment for the municipal and commercial markets.  Monroe specializes in snow and ice related equipment for heavy duty, medium duty and light duty vehicles. The company’s primary products include snow plows, hitches, and salt spreaders.  Monroe Truck Equipment is headquartered southwest of Madison in Monroe, WI, and has five additional installation facilities in Marshfield and DePere, WI; Flint, MI; Joliet, IL; and Louisville, KY.  These six facilities, which employ about 600, have a combined footprint of 400,000 square feet. The company was founded in 1958 (www.monroetruck.com).

bob vedra nf1“We are thrilled to announce our partnership with the shareholders of Monroe, a business whose market-leading, branded product and reputation for quality, customer service and innovation has been recognized by IOP for many years,” said Bob Vedra, Senior Managing Director of IOP.  “We look forward to supporting the company with further investment and operational resources to continue the company’s impressive growth trajectory.”

IOP is partnering in its investment with Dave Quade (President), Rick Rufenacht (VP Marketing & Sales) and Greg Krahenbuhl (Vice President of Operations), a team of industry veterans who average 35 years of experience with Monroe.  Each of the three executives retain significant ownership interests in the company and remain in their current management roles.

IOP Operating Principal Andy Weller will become Monroe’s new Chairman of the Board.  Mr. Weller, who has significant experience with companies serving the commercial vehicle market and with similar manufacturing operations to Monroe, is a member of IOP’s Board of Operating Principals, which is comprised of executives who provide leadership to the businesses in which IOP invests.

“Monroe’s alignment with IOP is a truly exciting development that we feel will benefit all of our stakeholders including our community, our customers, and importantly, our employees,” said Mr. Quade.  “We have chosen to partner with IOP to provide both capital and a valuable operating perspective that will allow us to continue expanding our reach in both new customers and products.”

IOP focuses on acquiring middle-market manufacturing and value-added distribution businesses, typically with revenues between $30 million and $350 million. The firm targets businesses with strong product, customer, and market positions and provides both management and operational resources to support sales growth and operational improvements. Monroe represents IOP’s seventh platform investment in Industrial Opportunity Partners II, LP.  IOP, with $460 million of committed capital, was founded in 2005 and is headquartered in the Chicago suburb of Evanston (www.iopfund.com).

Minneapolis-based investment bank Quetico Partners (www.queticopartners.com) represented the shareholders of Monroe Truck Equipment.

PNC Business Credit, Fifth Third Bank and Norwest Mezzanine Partners provided financing for the acquisition.

© 2015 PEPD • Private Equity’s Leading News Magazine • 2-23-15

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