KPS, owners of Rhinelander paper mill, sells Waupaca Foundry
KPS Capital Partners, LP, owners of Rhinelander’s Expera Specialty Solutions paper mill has sold Waupaca Foundry to Hitachi Metals, Ltd for $1.3 Billion.
The foundry, located in Waupaca Wisconsin is the largest iron foundry company in the world, producing gray and ductile iron castings using state-of-the-art technology. The Company is North America’s leading supplier of iron castings to the automotive, commercial vehicle, agriculture, construction and industrial markets.
“The success of our investment in Waupaca,” according to David Shapiro, a Managing Partner of KPS, “demonstrates KPS’ ability to see value where others do not, to buy right and to make businesses better. In 2012, we recognized the transformation of the North American iron foundry market and the unrivaled importance of Waupaca to its customers and the end markets that it serves. The sale of Waupaca to Hitachi Metals, a leading multinational corporation, is a great outcome for our investors, Waupaca, its management, employees and customers.”
Gary Gigante, Chief Executive Officer of Waupaca Foundry says the company appreciates KPS’ leadership and commitment to the 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.”
Completion of the transaction, which is expected during the fourth quarter, is subject to customary closing conditions.