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
