July 25, 2014
Monomoy Capital Partners Acquires The Continental-Midland Group
of North American Manufacturers --
NEW YORK, NY – July 25, 2014 – Monomoy Capital Partners, a New York private equity fund focused on value investing and business improvement, announced today that it has acquired Cont-Mid Group, LLC and Tiffin Holdings, LLC (the “Company” or “CMG”) from the Kaminski family that has owned and operated the business over the past 10 years. Terms of the transaction were not disclosed.
CMG is a $240 million manufacturer of custom-engineered metal fasteners (screws, nuts and bolts), cold formed parts and stampings for car makers, automotive suppliers, and industrial manufacturers. CMG markets a diverse product portfolio under the trade names Continental/Midland, Jacobson, Tiffin, MSD Stamping and Minuteman Distribution. The Company’s products include safety-critical seat belt fasteners, automobile door strikers and wheel nuts. Based in Park Forest, Illinois, the Company operates six facilities in Illinois, Indiana, Ohio and Michigan and employs 650 dedicated staff members.
“We are excited to welcome CMG to the Monomoy family of manufacturing businesses,” said Jaime McKenzie, a Vice President at Monomoy. “Under the leadership of the Kaminski family, the Company has built a leading automotive and industrial supplier with an impressive customer list, a strong asset base and industry-leading sales growth over the past five years. We look forward to working with the CMG management team to continue improving product quality, customer service and technical innovation.”
CMG joins a group of leading automotive suppliers currently or previously owned by Monomoy, including Compass Automotive, Gearbox, MPI Products, and Holley. “We look forward to teaming up with Monomoy as we get better at everything we do,” said David Kaminski, who will remain with the business as Chief Executive Officer. “Monomoy has a great track record in the automotive industry, and we are convinced that the Monomoy team is the right group to take CMG to the next level of excellence for our customers, suppliers and employees.”
Monomoy acquired CMG through its second fund vehicle, Monomoy Capital Partners II, L.P. Amy Wollensack and David Milligan from Kirkland & Ellis, LLP provided Monomoy with legal counsel in the transaction. Kimberly Rodriguez and Leonard LaRocca of KPMG, LLP completed financial, accounting and industry diligence for Monomoy. Desiree Visceglia of Ernst & Young provided tax advice. The sellers were represented by Steve Burt, Quinn Carlson and Jeff Kirshner of Duff & Phelps Corp. and Lawrence Brenman of Greenberg, Traurig, LLP.
About Monomoy Capital Partners
Monomoy Capital Partners is a private equity firm with $700 million in committed capital that makes controlling investments in middle market businesses in the manufacturing, distribution, consumer product and foodservice sectors. Over the past five years, Monomoy has closed 43 middle market acquisitions. Its portfolio companies generate over $1.2 billion in combined sales and employ more than 6,000 people across four continents. Monomoy implements customized business improvement programs at its portfolio companies that reduce operating expenses, increase profitability and support profitable growth. Please visit www.mcpfunds.com for a detailed description of Monomoy and its portfolio companies.
About the Continental Midland Group
CMG is a market leader in the design, manufacturing and distribution of metal fasteners to automotive OEMs, Tier I automotive suppliers and industrial manufacturers. The Company produces internally- and externally-threaded nuts and bolts, door strikers and related products for automotive vehicle systems, including restraint systems, airbags, door hardware, and ride control systems. CMG is the leading provider of Taptite® products, Torx® products and wheel nuts in North America. The Company is headquartered in Park Forest, Illinois, employs 650 talented employees, and operates six manufacturing facilities throughout the Midwest. Please visit www.contmid.com for a detailed description of CMG and its product line.
Sloane & Company
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