SOUTHFIELD — The sale of Grede Holdings LLC, a leading producer of cast, machined and assembled components for transportation and industrial markets, to American Securities LLC, a leading U.S. private equity firm was completed this week. Grede had been majority owned by a private investment fund managed by Wayzata Investment Partners LLC. Financial terms of the transaction were not disclosed.
“Grede has established a successful track record highlighted by strong revenue growth, best-in-class operations, reputation for quality and reliability, and our long-standing customer relationships,” said Doug Grimm, chief executive officer, Grede.
Grede is the most diversified iron casting supplier and the number one producer of ductile iron castings in North America. The company is a long-standing, full-service supplier to a blue chip customer base within the light vehicle, medium and heavy truck, and industrial end markets.
Grede’s products include safety critical chassis, suspension and drivetrain comoponents for automotive applications, highly engineered engine and chassis components for heavy duty truck engines, and large axle housings and other drivetrain components for heavy equipment and agriculture markets.
Grede operates 17 facilities throughout North America with approximately 4,700 employees. Grede was recently named to Crain’s Detroit Business’ list of the Fastest Growing Companies in southeast Michigan with the fifth highest growth rate in southeast Michigan over the last four years.
Weil, Gotshal & Manges LLP served as legal counsel to American Securities, and Stroock & Stroock & Lavan LLP served as legal counsel to Grede