KPS Capital Partners LP, New York, has signed a definitive agreement, through an affiliate, to sell its portfolio company Waupaca Foundry Inc., Waupaca, Wis., to Hitachi Metals Ltd. for $1.3 billion in cash. Waupaca is the largest iron foundry company in the world, producing gray and ductile iron castings by state-of-the-art technology. It is North America’s leading supplier of iron castings to the automotive, commercial vehicle, agriculture, construction and industrial markets.
“KPS recognized the potential of our business two years ago,” says Gary Gigante, Chief Executive Officer of Waupaca. “Working in partnership with KPS, we invested significantly in our operations and people, which included an expansion of our production capacity and launching numerous continuous improvement initiatives across all six of our foundries. We are very grateful to KPS for its leadership and its commitment to improving and growing our business. We are thrilled to join Hitachi Metals, which has the resources, foundry experience, access to capital and global reach that will enable Waupaca to achieve an even higher level of success.”
Headquartered in Waupaca, Wis., the iron metal caster operates six manufacturing facilities, located in Waupaca (3 individual sites), Marinette, Wisconsin; Tell City, Indiana; and Etowah, Tennessee. Waupaca employs approximately 3900 people.
