Compass Automotive Group Acquires Aluminum Die Casting and Machining Business from Citation Corporation.- Acquisition Will Extend Compass' Position as a Leading Automotive Supplier - FRANKLIN, Ind. -- Compass Automotive Group, Inc, a leading provider of aluminum and magnesium component solutions to car makers and Tier I automotive suppliers, today announced that it has acquired the aluminum die casting die casting Forming metal objects by injecting molten metal under pressure into dies or molds. An early and important use of the technique was in the Linotype machine (1884), but the mass-production automobile assembly line gave die casting its real impetus. and machining operations of Citation Corporation ("Citation"), a full-service supplier of metal components to the transportation and industrial industries. Compass will absorb the Citation business, located in Grand Rapids Grand Rapids, city (1990 pop. 189,126), seat of Kent co., SW central Mich., on the Grand River; inc. 1850. The second largest city in the state, it is a distribution, wholesale, and industrial center for an area that yields fruit, dairy products, farm produce, and Lowell, Michigan Lowell is a city in Kent County of the U.S. state of Michigan. As of the 2000 census, the city population was 4,013. The city is in the northern portion of Lowell Township, but is politically independent. , into its current die cast operations, which produce highly engineered aluminum and magnesium components utilized in steering, engine, and safety systems for nearly every automaker in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . Terms of the transaction were not disclosed. Compass, a portfolio company of Monomoy Capital Partners, L.P., operates a broad automotive platform that manufactures safety-critical aluminum and magnesium automotive components utilizing high pressure die casting, squeeze casting, and a proprietary VRC/PRC casting process. Compass's principal customers include Asian, European, and North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. OEM's, as well as major Tier 1 suppliers. "With efficient casting equipment and in-house machining capability, Citation's operations are a great complement to the Compass platform," said Jim Squatrito, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Compass Automotive Group. "Despite its current turmoil, the auto industry is here to stay, and Compass will continue to seek additional market share and assets as the automotive supply chain continues to consolidate. The acquisition of these Citation facilities extends our operations into machining and greatly expands our offering of high-quality and cost-effective components to the industry." "The Citation acquisition is an important further step in building a strong Monomoy platform in the safety critical automotive components manufacturing space," said Justin Hillenbrand, a Monomoy partner. "The Grand Rapids and Lowell facilities are valuable assets that will strengthen Compass in the short term and position the Company to grow as the economy stabilizes. Compass remains a financially stable business in a very difficult industry, and Monomoy continues to review a compelling set of acquisition opportunities in the automotive supply chain that can add value and breadth to the Compass business platform." About Compass Automotive Group, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control Compass Automotive Group, LLC is a leading provider of engineered component solutions to OEM's and Tier I automotive suppliers. It was formed in July 2007 by Monomoy Capital Partners, L.P. to consolidate safety critical component manufacturers in the automotive supply chain. Compass is the corporate parent of Casting Technologies Company, a casting manufacturer utilizing proprietary squeeze casting and VRC/PRC processes to produce safety critical, premium grade aluminum suspension components, cross-members and compressor scrolls; Magnesium Aluminum Corporation, a die cast manufacturer of aluminum and magnesium steering wheels, steering components, and airbag enclosures; and SRC (SouRCe) Contrast with DST, which is an abbreviation of "destination." , the leading North American manufacturer of magnesium flux, a refining agent used in the production of industrial aluminum and magnesium. Compass employs more than 600 team members in Detroit and Fruitport, Michigan Fruitport is a village in Muskegon County in the U.S. state of Michigan. As of the 2000 census, the village has a total population of 1,124. The community is located within Fruitport Charter Township. Fruitport was founded by Edward L. ; Franklin, Indiana Franklin is a city in Johnson County, Indiana, United States. The population was 19,463 at the 2000 census. The city is the county seat of Johnson CountyGR6. It is named after Benjamin Franklin. ; Cleveland, Ohio; Matamoras and Chihuahua, Mexico; and produces parts for cars, motorcycles and light trucks sold in North America, Europe and Asia. About Monomoy Capital Partners, L.P. Monomoy Capital Partners, L.P. is a $280 million private equity fund that makes controlling investments in middle market companies that require operational or financial restructuring. Monomoy targets fundamentally sound businesses with revenues of less than $300 million and acquires businesses through bankruptcy proceedings bankruptcy proceedings n. the bankruptcy procedure is: a) filing a petition (voluntary or involuntary) to declare a debtor person or business bankrupt, or, under Chapter 11 or 13, to allow reorganization or refinancing under a plan to meet the debts of the party , out-of-court restructurings, corporate divestitures and other complex transactions. The Fund has completed 21 transactions over the past 36 months in the smaller end of the middle market and currently owns 11 platform business that collectively employ more than 9,000 people. For additional information on Monomoy and its portfolio companies, please visit www.mcpfunds.com. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion