Revstone Industries L.L.C.’s Revstone Transportation has restructured its finances with a new package of funds managed by ICON Capital Corp., an asset manager. More significant, Revstone said the new financing gives it a “solid foundation” and will fund new products and business — notably its diecasting operations. The group did not detail the value of the new financing package, nor its expansion plans.
"Our new financial structure with ICON moves Revstone forward," stated EO CEO Kevin Cramton. "This financing package stabilizes our businesses and gives us the resources to launch new programs in aluminum diecasting, fine blanking, and engine damper technology."
In 2009, Revstone acquired five plants from the former Contech L.L.C. aluminum diecasting group. It also owns Texas Die Casting, and it owns a magnesium diecasting operation in Mexico.
Revstone is a Michigan-based holding company that invests in companies manufacturing automotive components. Its operations include a number of operations producing shell-molded, diecast, or forged lightweight components for steering systems, powertrains, transmissions, suspensions, auto body, and other systems.
"We are pleased to partner with Revstone in providing a highly structured financing that was mutually acceptable to all parties involved," stated ICON senior director Marcelo Sarago. "The companies within the Revstone Transportation group are key suppliers, providing specialized automotive components to both domestic and transplant OEMs, and we are excited by the group's immediate and long term growth prospects."