Industrial Opportunity Partners Sells Center Manufacturing, Inc.
Evanston, Ill., December 19, 2012 – Operations-focused private equity firm Industrial Opportunity Partners (“IOP”) of Evanston, Ill., today announced that it has completed the sale of portfolio company Center Manufacturing, Inc. (“Center” or the “Company”) to Mayville Engineering Company, Inc. (“MEC”). The divestiture represents IOP’s fourth investment realization from its initial $185 million committed fund.
Center, based in Byron Center, Mich., is a full-service manufacturer of highly engineered, complex metal-formed components and assemblies for commercial vehicle, power sports and agricultural and construction equipment applications. Center’s product offering is represented by over 5,000 active parts, including complex welded assemblies, fluid delivery products, large diameter tubing, fuel tanks and fabricated metal assemblies. The Company operates from eight manufacturing locations in close proximity to its blue-chip customer base.
IOP Operating Principal Andy Weller served as Center’s Chairman of the Board and provided strategic oversight from IOP’s original investment in December 2006 through the sale. Mr. Weller commented, “Through the leadership of the Company’s committed management team, Center has experienced tremendous growth while maintaining its dedication to product quality, engineering excellence and unwavering customer service. Under the strategic direction of IOP, Center has expanded its product offering and manufacturing capabilities in order to better serve the Company’s core customer base.”
Bob Vedra, a Senior Managing Director of IOP, added, “On behalf of Center, we are truly excited to have found such a fitting partner in MEC. Together, the companies plan to leverage their commercial relationships and operational footprint while providing an enhanced suite of products. We appreciated the opportunity to work with the MEC leadership team and believe their business is positioned as a world-class component supplier to its customer base.”
Quarton Partners acted as financial advisor and Winston & Strawn provided legal representation to IOP in connection with the sale transaction.
About Center Manufacturing, Inc.
Center is a full-service manufacturer of highly engineered, complex metal-formed components and assemblies for commercial vehicle, power sports and agricultural and construction equipment applications. For more information, visit Center’s website at www.centermfg.com.
About Industrial Opportunity Partners
IOP, an Evanston, Ill.-based private equity firm with $460 million of committed capital, is dedicated to creating value through investing in manufacturing and value-added distribution businesses with sales between $30 million and $350 million. IOP focuses on businesses with strong product, customer, and market positions, and provides management and operational resources to support sales and earnings growth at its businesses.
About Mayville Engineering Company, Inc.
Headquartered in Mayville, Wis., MEC has become a manufacturing company where employee shareholders are creating outstanding value and support every day for their customers and the communities in which they live and work. Mayville’s processes include laser and plasma cutting; stamping; forming; machining, welding, tube forming, painting, assembly and kitting, product testing and validation of metal products for the construction, military, agriculture, mining, power sports, marine, medical and power generation industries. The company was founded in 1945 and today has 1,200 employees and eight Wisconsin locations in Mayville, Neillsville, Beaver Dam, Berlin and Wautoma. For more information, visit MEC’s website at www.mayvl.com.