Southfield’s Grede, a developer, manufacturer, assembler, and supplier of ductile, gray, and specialty iron castings and machined components for automotive, commercial vehicle, and industrial markets, Monday announced its first day of operations as an independent company.
Gamut Capital Management, a New York-based private investment firm, agreed to acquire Grede from Detroit-based American Axle and Manufacturing Holdings Inc. The agreement was announced in September.
“For nearly a century, Grede has been an industry leader in iron casting for the transportation industry,” says Jordan Zaken, founding partner of Gamut. “We are excited be part of the next chapter of Grede’s rich history and support its dedicated employees in the pursuit of operational excellence and best-in-class delivery for its customers.”
Grede has about 3,800 employees across 10 facilities in Alabama, Indiana, Michigan, Minnesota, North Carolina, and Wisconsin. It was founded in 1920 in Wisconsin.
The company also announced Cary Wood as CEO, Paul Suber as COO, Mike Lobbia as CFO, and Tony Lovell as president-head of commercial.
Wood held leadership roles at Grede from 2004-2008, serving as COO and interim CEO. He is rejoining the company after serving in CEO roles at public companies and private equity-backed businesses.
Suber was most recently executive vice president of operations and business development at Autokiniton Global Group. Lobbia was most recently CFO of global purchasing and supply chain at General Motors. Lovell joined Grede in 2009 and was most recently vice president of sales of the casting division under American Axle.
“I’m honored to be part of Grede again with its proud history and promising future,” says Wood. “Gamut is a true partner, and they recognize the value we provide our customers as well as the many growth opportunities across our business. Further, Gamut has taken a disciplined approach to provide maximum capital structure flexibility for the company to navigate the marketplace and is fully committed to supporting Grede with further investment in organic and inorganic growth opportunities.”
