Monomoy Capital Partners, a New York private equity fund focused on value investing and business improvement, has acquired the assets of MPI from Revstone Industries.
Monomoy acquired MPI through its second fund vehicle, Monomoy Capital Partners II. Terms of the transaction were not disclosed.
MPI is a North American manufacturer of high-precision, fineblanked metal components for powertrain systems, hydraulic systems and other safety-critical automotive and industrial applications. Fineblanking is a dual-press stamping process for cutting, shaping and machining of highly engineered metal components that produces parts with uniform flatness, dimensional accuracy, and near-net finish. The process is ideal for manufacturing geometrically-complex powertrain and transmission components.
“MPI’s fineblanked product offering and experienced management team create an unmatched foundation for capitalising on positive trends in automotive transmission components,” says Monomoy partner Daniel Collin. “We are thrilled to add MPI to the Monomoy portfolio of companies.”
“This transaction represents an exciting next step in MPI’s evolution as the premier fineblanked component supplier in North America,” says 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.
