Monomoy Capital Partners has acquired the assets of MPI, a manufacturer of high-precision, fineblanked metal components for powertrain systems, from Revstone Industries.
“MPI’s fineblanked product offering and experienced management team create an unmatched foundation for capitalizing on positive trends in automotive transmission components,” said Monomoy Partner Daniel Collin. “We are thrilled to add MPI to the Monomoy portfolio of companies.”
MPI is a manufacturer of automatic transmission products, supplying automotive original equipment manufacturers with clutch plates, separator plates, and backing plates. The company’s automotive customers include several large car makers and an array of Tier I automotive suppliers. MPI also manufactures safety-critical and hydraulic components for heavy duty vehicles and general industrial customers. The company employs over 700 team members at four North American manufacturing facilities and at its corporate headquarters in Southfield, MI (no website found).
“This transaction represents an exciting next step in MPI’s evolution as the premier fineblanked component supplier in North America,” said Mark Mitchell, Chief Executive Officer of MPI. “Monomoy’s operational expertise and strategic guidance will provide MPI with the necessary resources and capital to expand and improve our operations both domestically and abroad. We look forward to the opportunities ahead.”
Garry Jaunal and Stacey Kern from Baker & McKenzie provided Monomoy with legal counsel and Ernst and Young provided financial and accounting diligence. Wells Fargo provided acquisition financing for the transaction.
Monomoy Capital Partners has $700 million in assets under management and makes control investments in middle market businesses in the manufacturing, distribution, consumer product and foodservice industries. Over the past five years, Monomoy has closed over 30 middle market acquisitions, and its companies currently produce over $1.1 billion in combined sales and employ more than 4,500 people across four continents, from North America to Asia. The firm is headquartered in New York, NY (www.mcpfunds.com).
© 2012 PEPD • Private Equity’s Leading News Magazine • 11-27-12
