Grede Holdings LLC, Southfield, Mich., announced the sale of its operations has been completed to private equity firm American Securities LLC, in partnership with the company’s management team. Grede had been majority owned by a private investment fund managed by Wayzata Investment Partners LLC. Financial terms of the transaction were not disclosed.
“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, CEO, Grede. “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.”
Grede produces ductile iron castings including chassis, suspension and drivetrain comoponents for automotive applications, engineered engine and chassis components for heavy duty truck engines, and large axle housings and other drivetrain components for heavy equipment and agriculture. It operates 17 facilities throughout North America with approximately 4,700 employees. Grede was recently named to Crain’s Detroit Business’ list of the Fastest Growing Companies in southeast Michigan with the fifth highest growth rate in southeast Michigan over the last four years.
“Grede is another example of our focus on identifying superior market-leading businesses,” said Kevin S. Penn, managing director, American Securities. “We are excited to partner with Grede’s exceptional management team, and believe the Company’s operational excellence positions it well to benefit from continued growth in the auto and construction markets.”