KPS WILL CONTINUE TO OWN CRENLO GLOBAL
New York, NY (May 17, 2019) -- KPS Capital Partners (“KPS”) announced today it has sold Genesis Attachments, LLC (“Genesis”) to NPK Construction Equipment, Inc. KPS will continue to own Crenlo, Emcor and Siac do Brasil (collectively, “Crenlo Global”). Crenlo Global will continue to be led by Chief Executive Officer Steve Andrews and Chief Financial Officer Steve Klyn.
Raquel Palmer, a Managing Partner of KPS, said, “We congratulate and thank the Genesis management team for their impressive execution. We are very proud to have been their partner in Genesis’ incredible transformation. We remain committed to providing Crenlo Global with capital and resources to continue delivering products of unparalleled quality, with industry-leading technology and world-class customer service.”
Paul, Weiss, Rifkind, Wharton and Garrison LLP served as legal counsel and Deutsche Bank served as exclusive financial advisor to KPS and Genesis with respect to the transaction.
KPS created International Equipment Solutions (“IES”) in 2011 to acquire Genesis, along with Paladin, Pengo, Crenlo and Emcor. KPS sold IES’ Attachments division (Paladin and Pengo) to Stanley Black & Decker in March 2019.
About Genesis
Genesis is a global leading producer of high-quality hydraulic mobile shears, specialty demolition attachment tools, grapples, concrete processors and associated aftermarket parts. Headquartered in Superior, Wisconsin, Genesis operates one manufacturing facility and one assembly and distribution facility with approximately 130 associates worldwide. For more information, please visit www.genesisattachments.com.
About KPS Capital Partners
KPS, through its affiliated management entities, is the manager of the KPS Special Situations Funds, a family of investment funds with approximately $21.4 billion of assets under management (as of December 31, 2023). For nearly three decades, the Partners of KPS have worked exclusively to realize significant capital appreciation by making controlling equity investments in manufacturing and industrial companies across a diverse array of industries, including basic materials, branded consumer, healthcare and luxury products, automotive parts, capital equipment and general manufacturing. KPS creates value for its investors by working constructively with talented management teams to make businesses better, and generates investment returns by structurally improving the strategic position, competitiveness and profitability of its portfolio companies, rather than primarily relying on financial leverage. The KPS Funds’ portfolio companies generate aggregate annual revenues of approximately $20.3 billion, operate 222 manufacturing facilities in 26 countries, and have approximately 48,000 employees, directly and through joint ventures worldwide (as of December 31, 2023). The KPS investment strategy and portfolio companies are described in detail at www.kpsfund.com.
KPS Mid-Cap focuses on investments in the lower end of the middle market that require up to $200 million of initial equity capital. KPS Mid-Cap targets the same type of investment opportunities and utilizes the same investment strategy that KPS’ flagship funds have for nearly three decades. KPS Mid-Cap leverages and benefits from KPS’ global platform, reputation, track record, infrastructure, best practices, knowledge and experience. The KPS Mid-Cap investment team is managed by Partners Pierre de Villeméjane and Ryan Harrison, who lead a team of experienced and talented professionals.
