Grede Holdings LLC, which has four Wisconsin foundries and was founded in Wauwatosa, has been sold to New York private equity firm American Securities LLC.
The cast, machined and assembled components manufacturer was sold by Wayzata, Minn. private investment fund Wayzata Investment Partners LLC.
Grede is the largest ductile iron castings producer in North America, and serves the light vehicle, medium and heavy truck and industrial industries.
The company has Wisconsin operations in Wauwatosa, Menomonee Falls, Oconomowoc, Browntown, Reedsburg and Berlin.
Southfield, Mich.-based Grede Holdings was formed in 2010 when Blackhawk Foundry, Citation Corp. and the assets of the former Grede Foundries Inc. were combined. Grede Foundries Inc. was founded in 1920 in Wauwatosa. Grede Holdings has 17 total facilities in North America and about 4,700 employees.
“Grede has established a successful track record highlighted by strong revenue growth, best-in-class operations, reputation for quality and reliability, and our long-standing customer relationships,” said Doug Grimm, chief executive officer. “For the next chapter in the company’s evolution, we look forward to partnering with American Securities to continue to expand our business and serve our customers.”