KPS Capital Partners to Retain Ownership of International Equipment Solutions' Genesis, Crenlo, Emcor and Siac Business Units
NEW YORK, March 8, 2019 /PRNewswire/ -- KPS Capital Partners, LP ("KPS") announced today it has completed the sale of the Paladin and Pengo business units of International Equipment Solutions, LLC ("IES"), along with all brands and operations within those units, to Stanley Black & Decker, Inc. KPS has retained ownership of IES' Genesis business unit ("Genesis") and Crenlo, Emcor and Siac do Brasil business units (collectively, "Crenlo Global"). Genesis and Crenlo Global will be operated as standalone businesses and continue to be led by Chief Executive Officer Steve Andrews and Chief Financial Officer Steve Klyn.
Raquel Palmer, a Managing Partner of KPS, said, "We congratulate and thank the IES management team for their strategic vision and impressive execution. We are very proud to have partnered with management in IES' incredible transformation. We remain committed to providing Genesis and Crenlo Global with capital and resources to continue delivering products of unparalleled quality, with industry-leading technology and world-class customer service."
Paul, Weiss, Rifkind, Wharton and Garrison LLP served as legal counsel and Deutsche Bank served as exclusive financial advisor to KPS and IES with respect to the transaction.
About International Equipment Solutions
IES was created by KPS in 2011 to acquire the Paladin, Genesis, Pengo, Crenlo and Emcor brands. IES is a market leading manufacturer of engineered equipment for off-highway applications serving a wide range of applications in the construction, demolition, recycling, mining, utility, forestry, landscaping and agriculture end-markets. IES' Attachments division is a major independent manufacturer of attachment tools for off-highway applications. IES' Cabs division is the largest independent manufacturer of operator cabs, locomotive sub-assemblies, electronic enclosures and other complex fabrications in North America and South America. Headquartered in Oak Brook, Illinois, IES operates 14 manufacturing facilities and four custom services locations with approximately 2,700 associates worldwide. For more information, please visit www.iesholdings.com.
About KPS Capital Partners, LP
KPS is the manager of the KPS Special Situations Funds, a family of investment funds with over $5.1 billion of assets under management. For over two decades, the Partners of KPS have worked exclusively to realize significant capital appreciation by making controlling equity investments in manufacturing and industrial companies across a diverse array of industries, including basic materials, branded consumer, healthcare and luxury products, automotive parts, capital equipment and general manufacturing. KPS creates value for its investors by working constructively with talented management teams to make businesses better, and generates investment returns by structurally improving the strategic position, competitiveness and profitability of its portfolio companies, rather than primarily relying on financial leverage. The KPS Funds' portfolio companies have aggregate annual revenues of approximately $6.1 billion, operate 111 manufacturing facilities in 27 countries, and employ nearly 22,000 associates, directly and through joint ventures worldwide. The KPS investment strategy and portfolio companies are described in detail at www.kpsfund.com.
SOURCE KPS Capital Partners, LP