Grede Acquires Advanced Cast Products Business from Neenah Enterprises
August 19, 2021
ACQUISITION INCLUDES THE HEAVY TRUCK BUSINESS AND A SELECT INDUSTRIAL BOOK OF BUSINESS OF NEENAH FOUNDRY.
Grede, a leading producer of highly engineered cast and machined iron components, today announced that it has completed the acquisition of Neenah Enterprises, Inc. (NEI) Advanced Cast Products (ACP) business in Meadville, Pennsylvania, a select book of industrial business and the commercial vehicle business of Neenah Foundry.
“By completing this acquisition, Grede’s capabilities and manufacturing footprint will expand and further our leadership position within the industry,” said Grede CEO Cary Wood. “This acquisition is a central part of Grede’s strategy to provide our customers the benefit of increased capacity and flexibility, innovative engineering resources and the combined talents of our exceptional teams.”
Through the acquisition, Grede will add approximately 250 ACP employees in Meadville as well as all ACP operations. Grede will transition the Neenah Foundry commercial vehicle book of business and select industrial business into Grede’s other existing foundries, including Brewton, AL; New Castle, IN; Reedsburg, WI; Browntown, WI; and St. Cloud, MN, plants and their fleet of equipment over the course of the next year.
Definitive transaction documents for the transaction were signed on July 19, 2021. The transition period will begin immediately, with additional updates to follow. Kirkland & Ellis LLP served as Grede’s legal advisor.
Grede is an independent company that designs, engineers, validates and manufactures high-quality ductile, gray and specialty iron castings for automotive, commercial and industrial markets. Headquartered in Southfield, MI, Grede offers complete precision machining and finishing services, as well as the assembly of diverse components into complete systems. It has 9 facilities in the U.S. with approximately 2,700 employees. To learn more, please visit www.grede.com.
About Gamut Capital Management:
Gamut Capital Management is a New York-based private investment firm managing $1.2 billion in assets focused on the middle market. Founded in 2015, Gamut’s senior deal professionals have executed investments in over 50 companies in North America and Europe. To learn more, please visit www.gamutcapital.com.
Jennifer M. Dudley