Monomoy Capital Partners, a New York private equity firm, said Monday it has acquired the assets of Kurdziel Industries.
Monomoy, a firm that generally acquires middle-market businesses valued between $20 million to $200 million, has acquired control of the Muskegon, Mich.-based maker of construction equipment counterweights. While financial transaction details were not released, the private equity acquirer typically invests $5 million to $30 million of equity for transactions.
Kurdziel was renamed Carlton Creek Ironworks. It will comprise a sourcing business in China named Kurdziel International as well as a parts finishing and painting unit named Kurdziel Industrial Coatings, and an iron foundry in Rothbury, Mich.
As part of the deal, Kurdziel chief executive Ken Zach will serve as CEO of Carlton Creek. He is joined by former DeWolf, Boberg and Associates chief operating officer Steve Pallotta, who is serving as COO of Carlton.
Carlton Creek serves a blue-chip customer base that includes companies like John Deere, Komatsu and Genie Industries among others. “Over the last 75 years, Kurdziel has built valuable relationships and established a solid reputation for high quality products,” said CEO Zach.
Monomoy’s portfolio of manufacturers includes Compass Automotive Group and Kurz-Kasch.
Carlton Creek will be better positioned to substantially over the next few years as it reacquires volume from Chinese foundries, said Justin Hillenbrand, a partner at Monomoy. “Carlton Creek is a market leader for iron castings that will continue to be essential to infrastructure repair and expansion in North America over the next 10 years,” he said.
