Private-equity group Monomoy Capital Partners L.P. has bought Mukegon, MI-based Kurdziel Industries Inc., for an unreported price. The producer of gray and ductile iron castings will be renamed Carlton Creek Ironworks Inc.
Monomoy has been active in metalcasting acquisitions over the past two years, having acquired Alcoa’s Automotive Castings division in 2007, and Magnesium Aluminum Corp. in 2006.
Kurdziel manufactures large counterweights for material handling, construction and aerial-lift equipment. Among its customers are John Deere, Haas, Komatsu, Genie, and other manufacturers for the global construction and infrastructure segment.
"This is a great deal for us," stated 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."
Carlton Creek will incorporate all of the Kurdziel businesses, including Kurdziel International Corp., a Chinese sourcing business; Kurdziel Industrial Coatings Co., which performs abrasive blasting and custom finish painting; as well as the iron foundry in Rothbury, MI.
Ken Zach will continue as chief executive officer of Carlton Creek, and will be joined by Steve Pallotta as chief operating officer. Monomoy’s release emphasizes that Zach and Pallotta will implement 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," Zach stated. "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."