German special situations private equity firm Mutares has acquired Hirschvogel Incorporated, a US steel forging and machining components supplier to Ford, Metallus and Dana, in the firm’s ninth acquisition this year and its first US deal.
Hirschvogel will be renamed Walor North America and will join the FerrAl United Group, Mutares’ portfolio company and a Frankfurt-based global supplier of automotive castings and forgings. According to a statement, the acquisition is intended to “further expand the FerrAl United Group’s forging and machining footprint in the USA and realise cross-selling and production synergies within the Group”.
Ohio-headquartered Hirschvogel employs over 320 and generated revenues of approximately €100m last year.
Mutares has also opened a new office in Chicago.
Johannes Laumann, CIO of Mutares, noted that both the acquisition and office opening were “in line with our internationalisation strategy”.
