Last updated on November 5th, 2019 at 10:25 am
Menomonee Falls-based Enerpac Tool Group has completed the $214.5 million sale of its engineered components and systems segment to an affiliate New York private equity firm One Rock Capital Partners LLC.
One Rock renamed the division as CentroMotion and will keep the company’s headquarters in the Milwaukee area. Aimee Therrian, vice president of global human resources for CentroMotion, said in an email the company would move out of the Enerpac in Menomonee Falls in the spring.
Roger Roundhouse, previously executive vice president of the segment under Enerpac, has been named chief executive officer of CentroMotion.
“In rebranding, we sought to adopt an identity that serves as an umbrella for our iconic brands and communicates the value we bring to our partners,” Roundhouse said. “Together with One Rock, our goal is to reinforce the truly global nature of our business and enable the ongoing success of our diverse, top-tier customer-base.”
CentroMotion provides the agriculture, specialty and commercial vehicle, construction and industrial markets with motion, actuation and control solutions. Its brands include CrossControl, Elliott, Gits, maximatecc, Power-Packer and Weasler Engineering.
“One Rock and our Operating Partners are excited to be collaborating with Roger and his accomplished team to support and accelerate the development of CentroMotion as an independent business,” said Scott Spielvogel, managing partner of One Rock.
The company has 13 manufacturing sites globally, including plants in West Bend and Westfield. Therrian said there are around 400 employees in Wisconsin.
Enerpac, previously known as Actuant, announced plans in January to sell its EC&S segment, which accounted for $592 million in net revenue in fiscal 2018. The deal with One Rock was announced in July and completed last week.