Industrial Opportunity Partners (IOP), an operations-focused private equity firm, has completed the sale of portfolio company Aarrowcast to Charter Manufacturing Company (Charter), a family-owned steel and iron manufacturing company.
The divestiture represents IOP’s seventh investment realisation from its USD275 million second fund, Industrial Opportunity Partners II, LP. Terms of the transaction have not been disclosed. IOP acquired Aarrowcast in August 2012.
Aarrowcast is a provider of ductile, gray and austempered ductile iron castings and specialises in large, complex castings utilising sophisticated metallurgy. Aarrowcast features three separate moulding lines, including the largest automated green sand line in North America – the Georg Fischer line, which is also the second largest such moulding line in the world. The Company operates from its single plant location in Wisconsin and casts products for equipment in the agriculture, off-highway heavy truck, military and construction markets.
IOP Operating Principal Andy Weller, who served as Aarrowcast’s Chairman of the Board, says: “Through the leadership and dedication of the Company’s management team, led by President & CEO Randy Brull, Aarrowcast has expanded its product offering, customer base and manufacturing capabilities and, today, is one of the most modern foundries in North America. I believe the Company is positioned well for the future.”
Chris Willis, Managing Director of IOP, adds: “We would like to thank the management team at Aarrowcast and have appreciated the opportunity to work with them over the years. We believe Charter’s industry experience and long-term investment strategy suits the Company well. IOP expects that Aarrowcast will continue to grow and thrive under Charter’s ownership.”
Citizens Capital Markets acted as financial advisor and Winston & Strawn LLP provided legal representation to IOP in connection with the sale transaction.
