Kensington Capital Partners has acquired Kenona Industries for $85 million in partnership with the company’s management team and co-investors.
Kenona Industries is a provider of high-volume precision machining services to automotive Tier 1 suppliers. The company’s products are utilized in steering, powertrain, noise and vibration, and exhaust assemblies in over 45 different 2017 automobile nameplates, and the company’s components are in over 6 million of the 17 million US vehicles produced annually. Kenona’s revenue in 2017 was $53 million. The company, led by CEO Nathaniel Rich, operates out of two facilities in Grand Rapids, MI totaling 120,000 square feet (www.kenona.net).
“We are very pleased to partner with Kensington. Our team is impressed with their knowledge and expertise, and we feel Kensington’s core values and culture are aligned with ours. Our team is excited about the next chapter in our company’s growth story,” said Mr. Rich.
“We are impressed with the strong management team at Kenona and are excited by the growth prospects of the company,” said Martin Kent, Senior Vice President at Kensington. “The company has a strong culture of innovation and operational excellence. Kenona is well-positioned in the marketplace, with excellent customer relationships. We are looking forward to working with the management team to continue to grow the business.”
Kensington Capital Partners invests in mid-market buyouts of mature profitable businesses with total enterprise values typically ranging from $50 million to $500 million. The firm also invests in other strategies including venture capital and growth equity. Kensington was founded in 1996 by its Chairman and Managing Director Tom Kennedy and has offices in Toronto, Calgary and Vancouver (www.kcpl.ca).
© 2018 Private Equity Professional | June 8, 2018
