New owners for Waupaca Foundry
27 December 2023
Current management team to remain in place
Proterial Ltd., an international material producer, has signed a definitive agreement for Monomoy Capital Partners to acquire Waupaca Foundry Inc. Waupaca Foundry said it will continue to operate under its current management team, led by President, CEO, and COO Michael Nikolai. Financial terms of the private transaction were not disclosed.
Headquartered in Waupaca, Wis., with operations dating back to 1871, Waupaca Foundry supplies gray and ductile iron to diverse markets. It supplies iron castings for automotive, commercial vehicle, agriculture, construction, and other industrial markets. The company has more than 4,000 employees and has 1.4 million tons of capacity from its foundries in Waupaca and Marinette, Wisconsin, and Tell City, Ind. The company has been part of Hitachi Metals since 2014.
“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.”
The transaction is expected to close in early 2024 and is subject to customary closing conditions. BMO Capital Markets Corp. provided debt financing for the transaction.
Proterial engages in a broad range of businesses in markets related to aerospace, industrial infrastructure, automotive, and electronics through its business units, including specialty steel, rolls, automotive casting, piping components, magnetic materials, power electronics materials, electric wire and cable, and automotive components. Originally founded in 1910 and headquartered in Tokyo with offices, plants and R&D facilities across Japan, North America, Europe, China, and Asia, Proterial had approximately 27,000 employees in 2022.
“The Waupaca Foundry team is excited for the next chapter and to ensure that we continuously provide value to our customers,” said James Newsome, vice president of Sales and Marketing, Waupaca Foundry. “We will continue to offer iron casting solutions designed to effectively help its customers drive business efficiencies and accelerate their growth.”
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