KPS Will Continue To Own Crenlo Global
NEW YORK, May 17, 2019 /PRNewswire/ -- KPS Capital Partners ("KPS") announced today it has sold Genesis Attachments, LLC ("Genesis") to NPK Construction Equipment, Inc. KPS will continue to own Crenlo, Emcor and Siac do Brasil (collectively, "Crenlo Global"). Crenlo Global will 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 Genesis management team for their impressive execution. We are very proud to have been their partner in Genesis' incredible transformation. We remain committed to providing 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 Genesis with respect to the transaction.
KPS created International Equipment Solutions ("IES") in 2011 to acquire Genesis, along with Paladin, Pengo, Crenlo and Emcor. KPS sold IES' Attachments division (Paladin and Pengo) to Stanley Black & Decker in March 2019.
Genesis is a global leading producer of high-quality hydraulic mobile shears, specialty demolition attachment tools, grapples, concrete processors and associated aftermarket parts. Headquartered in Superior, Wisconsin, Genesis operates one manufacturing facility and one assembly and distribution facility with approximately 130 associates worldwide. For more information, please visit www.genesisattachments.com.
About KPS Capital Partners
KPS, through its affiliated management entities, is the manager of the KPS Special Situations Funds, a family of investment funds with approximately $5.0 billion of assets under management (as of March 31, 2019). 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 $5.8 billion, operate 100 manufacturing facilities in 27 countries, and have over 22,000 employees, 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