Monomoy Capital Partners has acquired family-owned Astro Shapes, a maker of aluminum extrusion products, from National Material LP.
Astro Shapes operates computerized presses that can create more than 14,000 unique shapes and sizes of extruded products from aluminum billets from six to eight inches in diameter. The company’s finished products – available in painted, thermal, and anodized finishes – are used in recreational vehicles, residential windows and doors, commercial windows and doors, medical applications and capital equipment. The company produces approximately 145 million pounds of extrusions annually.
Astro Shapes was founded in 1971 by Bob Cene, Sr. and is currently led by Paul Cene, the son of the founder. The company has more than 700 employees and a 450,000 sq. ft. production and headquarters facility located southeast of Youngstown in Struthers, Ohio.
“With the help of Jim DiBacco and my brother, Bob Cene Jr., it is a privilege to have built upon and lead the business my father started almost 50 years ago, and I am confident that the company will enjoy a bright future under Monomoy’s ownership,” said Mr. Cene. “Monomoy’s focus on excellence and trusted relationships with customers and supply partners aligns perfectly with the culture at Astro Shapes. We look forward to working closely with Monomoy to build on Astro Shapes’ legacy and realize significant growth opportunities for the business.”
“We congratulate Paul and his team for building a premier, market-leading business in aluminum extrusion,” said Jaime Forsyth, a managing director at Monomoy. “Astro Shapes is a proven, highly-regarded supplier to a diverse customer base, a true partner with its suppliers and well-positioned for continued success in the future. Monomoy is excited to work with the Astro Shapes management team and to collaborate with the company to drive long-term value for its customers, suppliers and employees.”
“We are excited to welcome Astro Shapes to the Monomoy portfolio,” said Dan Collin, Monomoy’s co-CEO. “Astro Shapes is a business we have admired and followed for years. We look forward to helping the Astro Shapes team build the business in the years ahead.”
New York City-based Monomoy makes control investments of debt and equity in companies with at least $150 million in sales, $15 million of EBITDA, and enterprise values of up to $500 million. Sectors of interest include manufacturing, industrial, distribution, and consumer products.
Monomoy acquired Astro Shapes through its third private equity fund, Monomoy Capital Partners III LP, and Cerberus Business Finance provided acquisition financing.
National Material, the seller of Astro Shapes, is one of the largest suppliers of steel in the United States and operates 16 steel service centers and processing facilities in United States, Canada and Mexico, and ships over 2,000,000 tons of steel annually. National Material is headquartered near Chicago in Elk Grove Village, Illinois.
© 2021 Private Equity Professional | January 5, 2021
