New York-based Monomoy Capital Partners has reached an agreement to acquire Waupaca Foundry from Tokyo-based global material manufacturer Proterial Ltd., which acquired Waupaca Foundry in 2014.
Terms of the deal, expected to close in early 2024, were not disclosed.
Founded in 1871, Waupaca Foundry manufactures cast and machined iron castings. It supplies cast and machined iron castings for automotive, commercial vehicle, agriculture, construction, and other industrial markets. The company has more than 4,000 employees and operates five iron foundries with 1.4 million tons of capacity, making it one of the largest metal casting suppliers globally.
The company will continue to operate under its current management team, led by president, CEO, and COO Michael Nikolai.
“Waupaca Foundry is excited to start a new chapter with Monomoy, an experienced, operationally-focused investment group, to continue to invest and grow our commitment to our customers, suppliers, and employees. The Waupaca leadership team looks forward to a bright future and the opportunities that can stem from this partnership,” said Nikolai. “We are thankful for Proterial’s support and welcome the resources and partnership Monomoy will bring. Together, we will focus on capitalizing on opportunities to expand and grow the business in a wide range of sectors in the Americas, including the automotive, industrial machinery, agricultural machinery, and construction machinery sectors, while building upon our legacy of success.”
“In 2014, we partnered with Waupaca Foundry to further accelerate our global expansion. Since then, our successful collaboration resulted in the increased efficiency of manufacturing sites and raw material procurement in North America,” said Proterial representative director, chairman, president, and CEO Sean Stack. “I would like to thank Mike, his team, and all the dedicated employees at Waupaca for their important contributions to the business and Proterial. We believe they will be in great hands with Monomoy and well-positioned for continued growth and success.”
“Waupaca Foundry has made tremendous advancements during its time with Proterial, and we are enthusiastic about building on that momentum as we establish our partnership with the company,” said Monomoy founding partner and co-CEO Dan Collin. “We look forward to working alongside Mike and the Waupaca team to leverage our operational resources to unlock continued growth.”
BMO Capital Markets Corp. provided debt financing for the transaction. BMO Capital Markets Corp. also served as exclusive financial advisor to Monomoy on the transaction. Kirkland & Ellis LLP provided legal counsel. JPMorgan Securities LLC and Moelis & Company LLC served as financial advisors, and Ropes & Gray LLP served as legal counsel to Waupaca Foundry.
