Cleary Gull advises Indiana manufacturer on sale

Manufacturing plant

Milwaukee-based M&A advisory firm Cleary Gull Inc. has advised Westfield, Ind.-based Standard Locknut LLC on its sale to Industrial Group Holdings LLC.

Standard Locknut, which has about 200 employees, is a portfolio company of St. Louis-based private investment firm Capital For Business and Indianapolis-based subordinated debt and equity firm Centerfield Capital Partners. It manufactures precision machined bearing accessories used in original equipment manufacturing and replacement applications, such as locknuts, lock washers, sleeves and pillow blocks. Its parts are used in heavy construction, mining, automotive and other applications.

Industrial Group Holdings is a portfolio company of Rye, N.Y.-based private investment firm Dunes Point Capital LLC.

The transaction price was not disclosed, but Cleary Gull targets transactions of between $10 million and $200 million.

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Molly Dill, former BizTimes Milwaukee managing editor.

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