Foundry Daily News

USA - Grede Foundries sold to New York investor

A Minnesota private investment firm that acquired Grede Foundries Inc. out of Chapter 11 bankruptcy more than four years ago has sold the auto industry supplier to a New York private equity firm in partnership with Grede's management team.

Terms of the deal to transfer ownership of Grede Holdings LLC from Wayzata Investment Partners LLC, of Wayzata, Minn., to American Securities LLC, of New York, weren't disclosed.

Grede was founded in 1920 with an iron foundry in Wauwatosa. Grede Holdings, based in Southfield, Mich., was formed in 2010 when Wayzata led a recapitalization that combined the assets of the former Grede Foundries Inc., Blackhawk Foundry and Citation Corp.

Grede Holdings operates 17 facilities throughout North America, with about 4,700 employees, the company said. It has annual sales of about $1 billion.

Among Grede's products are chassis, suspension and drivetrain components.

"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," Douglas Grimm, chief executive of Grede, said in a statement. "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."

American Securities said it invests in "market-leading" North American companies with annual revenues generally ranging from $500 million to $2 billion.


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