KPS Exits IES Unit Genesis Attachments

KPS Capital Partners has sold Genesis Attachments, a business unit of International Equipment Solutions, to NPK Construction Equipment, a subsidiary of Nippon Pneumatic Mfg. Co.

Genesis designs and manufactures mobile shears, grapples, concrete processors and specialty attachments used in the scrap processing, demolition, material handling and offshore decommissioning industries. The company has 130 employees and a manufacturing and headquarters facility in Superior, WI (www.genesisattachments.com).

KPS formed International Equipment Solutions in September 2011 to acquire Paladin Brands and Crenlo LLC from publicly traded Dover Corporation. In March 2019, KPS completed the sale of the Paladin and Pengo business units of International Equipment Solutions to Stanley Black & Decker. With the closing of the sale of Genesis Attachments, IES will continue to own and operate its Crenlo, Emcor and Siac do Brasil units (together Crenlo Global).

Crenlo Global is a provider of steel cabs and roll-over protective structures used in the construction, mining, agriculture and specialty truck markets. The business also provides electronic equipment cabinets under the Emcor brand to customers in the technology, aerospace, government and energy markets. KPS added to the IES Cab operations with the June 2012 buy of Siac do Brasil, a manufacturer of cab enclosures used by original equipment manufacturers in the construction, infrastructure, mining, forestry, and agriculture industries. Crenlo Global is led by CEO Steve Andrews and CFO Steve Klyn (www.crenlo.com) (www.siac.com.br).

“We congratulate and thank the Genesis management team for their outstanding work,” said Raquel Palmer, a managing partner of KPS. “We are extremely proud to have been Genesis’ partner in its incredible transformation. We are more committed than ever to providing Crenlo Global with the capital and resources to continue delivering unmatched quality products with world-class technology and world-class customer service.”

KPS Capital Partners is the manager of the KPS Special Situations Funds, a group of private equity funds with approximately $5 billion of assets under management. KPS makes control investments in manufacturing and industrial companies across a range of industries, including basic materials, branded consumer, healthcare and luxury products, automotive parts, capital equipment and general manufacturing. The firm’s portfolio companies have aggregate annual revenues of approximately $5.8 billion, operate 100 manufacturing plants in 27 countries, and employ over 22,000 people worldwide. KPS Capital Partners is headquartered in New York (www.kpsfund.com).

Nippon Pneumatic Mfg. Co., the buyer of Genesis Attachments, is a manufacturer of hydraulic and pneumatic fluid power pumps and motors, and construction equipment attachments including hydraulic hammers, crushers, pulverizers, shears and pile drivers. The company is headquartered in Osaka, Japan.

Deutsche Bank was the financial advisor to KPS and Genesis on this transaction.

© 2019 Private Equity Professional | May 20, 2019

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