Monomoy Capital Partners has sold Shaw Development, a provider of emission control components, to Madison Dearborn Partners.
Shaw Development is a designer, manufacturer and assembler of sensors, fluid management systems and other components used for the management of diesel exhaust fluids (DEF) which are used to reduce the amount of air pollution created by a diesel engine.
Shaw’s products include production and aftermarket components such as reservoirs, filters, caps, and valves used by original equipment manufacturers in the construction, agricultural, heavy truck and industrial end markets. The company also sells non-DEF products, including components for diesel refueling systems. Shaw, with approximately 250 employees, is headquartered near Fort Myers in Bonita Springs, Florida. The company, led by CEO Keith Luomala, was founded in 1944 by Frank Shaw.
According to Monomoy, its investment in Shaw is one of the firm’s most successful partnerships. During its ownership term, it acquired the business in March 2020, Monomoy assisted the company with numerous operational improvements, expanded its leadership team, advanced data and technology-based capabilities, identified and built an aftermarket strategy, and expanded Shaw’s international footprint.
“Monomoy’s collaborative approach, operational expertise and strategic understanding of our business led to an incredible partnership that has set us up for continued opportunities for innovation and excellence in the years to come,” said Mr. Luomala. “Our united commitment to improve the business created lasting value for Shaw and our future partners. We are undoubtedly well-positioned for further growth as we embark on this next chapter.”
“Monomoy is immensely proud of our partnership with Shaw, and we are honored to usher the team into this next phase of long-term growth under Madison Dearborn’s ownership,” said Mel Bartoul, a managing director at Monomoy. “This sale is a testament to our in-house operating team, dedicated to rolling up their sleeves and working alongside family-owned businesses like Shaw. We look forward to partnering with future businesses as we aim to accelerate their growth and position them for long-term success.”
New York City-based Monomoy makes control investments of debt and equity in companies with at least $150 million in revenue, $15 million of EBITDA, and enterprise values up to $500 million. Sectors of interest include manufacturing, distribution, and consumer products. In November 2021, Monomoy held the final close of its fourth private equity fund at an oversubscribed $1.1 billion of capital.
Madison Dearborn invests in privately held or publicly traded companies in the following sectors: basic industries; business and government software and services; financial services; health care; and telecom, media, and technology services. Madison Dearborn was founded in 1992 and is headquartered in Chicago.
Jefferies was the financial advisor to Shaw Development and Monomoy.
© 2023 Private Equity Professional | November 3, 2023
Graycliff Partners has acquired XCEL NDT, a provider of non-destructive testing services for assets used in the petrochemical, pipeline and general industrial sectors, from Pine Tree Equity.
“We are thrilled to move forward with Graycliff as our strategic and financial partner,” said Mr. Morehead. “The team at Graycliff took the time to understand our business thoroughly and ensure all our goals were aligned. We’re eager to leverage their knowledge, resources, and strategic direction to take XCEL to the next level.”
Miami-based 
Trivest Partners has closed Trivest Recognition Fund LP at its hard cap with over $1.3 billion of total capital commitments. Recognition represents Trivest’s twelfth institutional private equity fund and brings Trivest assets under management to approximately $5.5 billion.
“Trivest’s transparent approach to investing has resonated with founder and family-owned businesses for more than 40 years,” said Jorge Gross, Jr., a managing partner at Trivest and the leader of the Recognition Fund’s investment activities. “Recognition Fund is named for the fact that we recognize the accomplishments of founders who have built sizable businesses, and we appreciate their sacrifice in doing so. We look forward to using Trivest’s considerable resources to assist these great businesses in realizing their next phase of growth and development.”
In December 2022, the Recognition Fund closed its first investment with the buy of family-owned Perricone Juices, a Newport Beach, California-based producer of craft juices with a focus on the “freshly squeezed” citrus category. The company’s juice products are sold through the foodservice and retail channels under the “Perricone Farms” brand and under several private label brands.
“We couldn’t be more pleased with the support we received from all of the Recognition Fund investors,” said Troy Templeton, a managing partner at Trivest. “Achieving our hard cap during one of the most challenging fundraising markets in history is a testament to what our team has built over the past four decades at Trivest. We believe our strategy is truly differentiated. Now with four investment approaches under the Trivest banner, we believe the breadth of solutions and flexibility we can provide founders is comprehensive.”