KURDZIEL INDUSTRIES AND CREATES CARLTON CREEK IRONWORKS
-- Transaction Revitalizes an Industry-Leading Iron Foundry --
Kurdziel was a leading North American manufacturer of large counterweights for the material handling, construction and aerial-lift equipment industries. Carlton Creek has acquired all of the Kurdziel businesses, including Kurdziel International Corporation, a wholly owned Chinese sourcing business; Kurdziel Industrial Coatings Co., which specializes in abrasive blasting and custom finish painting of a wide range of parts and products; and the company’s flagship iron foundry in Rothbury, Michigan.
Former Kurdziel chief executive officer Ken Zach will continue as chief executive officer of Carlton Creek and will direct the revitalization of the company. Steve Pallotta, formerly a chief of operations at DeWolf, Boberg and Associates, has joined Carlton Creek as chief operating officer. Mr. Zach and Mr. Pallotta will lead the implementation of lean manufacturing strategies at Carlton Creek and seek opportunities for profitable growth with Monomoy’s strategic and financial support.
“Over the last 75 years, Kurdziel has built valuable relationships and established a solid reputation for high quality products,” said Mr. Zach. “With Monomoy’s operating expertise and the continued dedication of our employees and business partners, I am certain that Carlton Creek will grow from its exceptional heritage into an even stronger company.”
Carlton Creek’s customers include John Deere, Haas, Komatsu, Genie and other large manufacturers for the global construction and infrastructure market. The company joins a growing Monomoy manufacturing portfolio that includes Compass Automotive Group, Inc, a manufacturer of safety-critical auto parts and Kurz-Kasch, Inc., the world-wide leader in heavy-duty electromagnetic stators.
“This is a great deal for us,” said Justin Hillenbrand, a Monomoy Partner. “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. After planned improvements in manufacturing and sourcing, Carlton Creek will be better positioned to continue providing its global customers with a high quality, cost-effective product and should grow substantially over the next few years as it reacquires volume from Chinese foundries. This transaction is a great win for the company’s customers and employees, for the state of Michigan and for North American manufacturing.”
About Monomoy Capital Partners, L.P.
Monomoy Capital Partners, L.P. is a $280 million private equity fund that makes controlling investments in middle market companies. The Fund has completed 16 transactions in just over two years in the smaller end of the middle market and currently owns 8 business that collectively employ more than 5,000 people. Monomoy implements customized business improvement programs in all portfolio companies that reduce operating expenses, increase profitability and encourage meaningful growth. For additional information on Monomoy and its portfolio companies, please visit www.mcpfunds.com.
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