Franklin, Indiana-based Compass Automotive Group says it has acquired the aluminum die casting and machining operations of Citation Corporation, a supplier of metal components to the transportation and industrial industries. Compass will absorb the Citation business - located in Grand Rapids and Lowell, Michigan - into its current die cast operations, which produce highly engineered aluminum and magnesium components used in steering, engine, and safety systems.
Terms of the deal were not disclosed.
“With efficient casting equipment and in-house machining capability, Citation's operations are a great complement to the Compass platform,” said Jim Squatrito, CEO of Compass Automotive Group, in a statement. “Despite its current turmoil, the auto industry is here to stay, and Compass will continue to seek additional market share and assets as the automotive supply chain continues to consolidate.”
Compass's principal customers include Asian, European, and North American OEM's, as well as major Tier 1 suppliers.
Compass Automotive Group was formed in July 2007 by Monomoy Capital Partners to consolidate safety critical component manufacturers in the automotive supply chain. Compass is the corporate parent of Casting Technologies Company, Magnesium Aluminum Corporation, and SRC, the leading North American manufacturer of magnesium flux, a refining agent used in the production of industrial aluminum and magnesium. Compass employs more than 600 in Detroit and Fruitport, Michigan; Franklin, Indiana; Cleveland, Ohio; Matamoras and Chihuahua, Mexico; and produces parts for cars, motorcycles and light trucks sold in North America, Europe and Asia.
For more information about the company visit http://www.compassautogroup.com/
Monomoy Capital Partners, L.P. is a $280 million private equity fund that makes controlling investments in middle market companies that require operational or financial restructuring. The Fund has completed 21 transactions over the past 36 months in the smaller end of the middle market and currently owns 11 platform business that collectively employ more than 9,000 people. In the last year, Monomoy has formed Fortis Plastics (see http://www.mfrtech.com/articles/1875.html), which has impacted Kentucky and Indiana.
For more about Monomoy visit www.mcpfunds.com
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