A private equity firm in New York, Monomoy Capital Partners has purchased Steel Parts Manufacturing, producer of components for motion and automotive transmission applications, from Resilience Capital Partners.
The headquarters of Steel Parts is located in Tipton, Indiana and the company produces accurate components for automotive transmissions and heavy-duty markets. Steel Parts also manufactures products for heavy-duty brake programs, suspension systems and steering uses.
The acquisition of Steel Parts creates a new platform for Monomoy Capital Partners I. Nate Bard, VP of Monomoy Capital Partners, stated that the firm will apply operational improvement program similar to the application of other automotive and manufacturing businesses to improve the business of Steel Parts. Monomoy Capital Partners will focus on Steel Parts expansion by purchasing additional niche stamping applications.
Bob Potokar, Steel Parts’ CEO, stated that the partnership with Monomoy will provide the necessary funds and operational resources to track growth prospects, enhance plant operations and expand the company’s footprint in North America.
Source: http://www.mcpfunds.com/