Waupaca Foundry Inc., one of the largest ferrous casting producers, has new ownership following a definitive agreement between Proterial Ltd. and Monomoy Capital Partners for Monomoy to acquire group in a private transaction. The value of the acquisition was not revealed.
President, CEO, and COO Michael Nikolai and the current management team at Waupaca Foundry will remain in place following the transaction, which is expected to be final in early 2024.
“Waupaca Foundry is excited to start a new chapter with Monomoy, an experienced, operationally-focused investment group, to continue to invest and grow our commitment to our customers, suppliers, and employees,” Mike Nikolai stated. “Together, we will focus on capitalizing on opportunities to expand and grow the business in a wide range of sectors in the Americas, including the automotive, industrial machinery, agricultural machinery, and construction machinery sectors, while building upon our legacy of success.”
No details on future investment programs were announced.
Wisconsin-based Waupaca Foundry has more than 4,000 employees and operates five foundries and two machining shops, with a capacity of 1.4 million tons/year for gray, ductile, compacted graphite, and austempered ductile iron castings. Its customers include automotive, commercial vehicle, agriculture and construction equipment manufacturers, and other industrial markets.
Proterial, formerly Hitachi Metals Ltd., acquired Waupaca Foundry in 2014.
Monomoy Capital Partners is a $3-billion private investment firm with holdings in industrial and cosumer product sectors in North America and Europe.