One Rock Closes Buy of Enerpac Division

One Rock Capital Partners has formed CentroMotion to acquire the Engineered Components & Systems division of Enerpac.

CentroMotion is a manufacturer of motion, actuation and control products used in agriculture, specialty and commercial vehicle, construction and industrial applications. The company’s products, sold under the brand names of CrossControl, Elliott, Gits, maximatecc, Power-Packer and Weasler Engineering, are primarily used by on- and off-highway OEMs.

Customers of the company include Volvo, Scania, Honeywell, Cummins, Borg Warner, Caterpillar, Deere, FMC, and Lockheed Martin. Headquartered near Milwaukee in Menomonee Falls, WI, CentroMotion has 13 manufacturing facilities, six engineering centers, and employs more than 190 engineers.

According to an Enerpac investor presentation on July 9, 2019, the purchase price for CentroMotion was $214.5 million and represents a 6.3x multiple on projected and adjusted FY 2019 EBITDA.

“CentroMotion serves a leading base of on- and off-highway OEM customers worldwide, and we look forward to bringing more products and more value to those customers as we scale CentroMotion’s family of leading brands,” said Tony Lee, a managing partner of One Rock.

With the closing of the acquisition, the company will continue to be led by Roger Roundhouse, who has been appointed as chief executive officer. “This is an exciting day for CentroMotion and its talented employees as we continue to meet the needs of our customers as an independent business,” said Mr. Roundhouse. “In rebranding, we sought to adopt an identity that serves as an umbrella for our iconic brands and communicates the value we bring to our partners. Together with One Rock, our goal is to reinforce the truly global nature of our business and enable the ongoing success of our diverse, top-tier customer-base.”

“One Rock and our operating partners are excited to be collaborating with Roger and his accomplished team to support and accelerate the development of CentroMotion as an independent business,” added Scott Spielvogel, a managing partner of One Rock.

One Rock invests in companies that are active in the chemicals and process industries; specialty manufacturing and healthcare products; business and environmental services; and food manufacturing and distribution. The firm has a strategic relationship with Mitsubishi Corporation which provides resources to One Rock and its portfolio companies.  One Rock was formed in 2010 by managing partners Mr. Lee and Mr. Spielvogel and is based in New York.

Enerpac Tool Group (NYSE: EPAC) was formerly known as Actuant (the company rebranded in September 2019) and is a billion-dollar revenue industrial company headquartered in Menomonee Falls, WI.

© 2019 Private Equity Professional | November 1, 2019

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