Iron castings supplier Grede completes sale to private equity firm
DETROIT -- Grede Holdings LLC, which supplies specialty iron castings to automakers, today said it completed the sale of its operations to private equity firm American Securities LLC.
Financial terms of the deal were not disclosed. However, The Wall Street Journal reported in April the deal would be worth more than $800 million.
American acquired Grede from Wayzata Investment Partners LLC, which formed the supplier in 2010 after it acquired Grede Foundries assets out of bankruptcy and assets from Blackhawk Foundry and Citation Corp.
Grede has 17 operations in North America with about 4,700 employees. It’s unclear whether its new owners will consolidate employees or operations.
Earlier this year, Crain’s Detroit Business, an affiliate of Automotive News, named Grede as one of the region’s fastest-growing companies. Grede increased revenue to $1.2 billion in 2012 from $224 million in 2009.
The Grede deal extends American Securities’ growing investment in the auto supply chain. In 2012, it acquired suppliers Metaldyne LCC and HHI Group Holdings LLC.
You can reach Dustin Walsh at firstname.lastname@example.org.