Private equity firm American Securities has agreed to purchase Grede Holdings, a cast metal and machine parts manufacturer, in partnership with the company’s top management team. Weil, Gotshal & Manges is representing American Securities in connection with the transaction, while Stroock & Stroock & Lavan is acting as outside counsel to Grede.
Headquartered in Southfield, Mich., Grede designs, develops and produces aluminum, iron and steel components for the transportation industry and also caters to the agriculture, construction, energy and rail industries. It has 17 plants spread across North America and employs about 4,500 workers, according to the company. Grede is majority-owned by a fund managed by Minnesota-based private equity firm Wayzata Investment Partners, which said Grede has estimated annual revenues of more than $1 billion. The company was formed in 2010 by combining assets of the former Grede Foundries, Blackhawk Foundry and Citation Corp., according to Wayzata. (Citation acquired Grede Foundries out of bankruptcy in 2011, according to Crain’s Detroit Business.)
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