New York
KPS Capital Partners, LP has signed a definitive agreement to acquire Siderforgerossi Group, S.p.A., a global manufacturer of large diameter forged products. Siderforgerossi will become the fifth acquisition completed by KPS Special Situations Mid-Cap Fund and KPS' second Mid-Cap Fund acquisition in Italy in 2021.
Siderforgerossi is a leading, vertically integrated manufacturer of rolled and forged products with presence across the manufacturing spectrum, and possesses ring-rolled, open die and closed die forging capabilities. The company is specialised in large diameter forged products and primarily serves the Wind Power, Oil and Gas, Earth Moving, Automotive, Conventional and Nuclear Power Generation and Aerospace end-markets across Europe and India. The company provides a vertically integrated offering including heat treating, destructive and non-destructive testing and machining and is headquartered in Veneto, Italy. It operates nine manufacturing sites in Italy and three additional sites in India.
Ryan Harrison, Partner, KPS Mid-Cap Investments said that, Siderforgerossi is a market leader with unmatched manufacturing capabilities and a differentiated quality control and customer service track record. He added that, they would form the basis of a global forged products platform that KPS and the Siderforgerossi team intend to grow both organically as well as through acquisitions.
Adriano Zambon, Chief Executive Officer, Siderforgerossi, said that, they are excited to operate under KPS' ownership as the Company enters the next phase of development and that KPS' demonstrated track record of driving manufacturing excellence will position Siderforgerossi to capitalize on meaningful growth opportunities, focussing on quality, safety and customer service.
Financial terms of the transaction were not disclosed.
KPS, is the manager of the KPS Special Situations Funds, a family of investment funds with approximately $12.8 billion of assets under management as of March 31, 2021 and has been operating for nearly three decades.
KPS Mid-Cap focuses on investments in the lower end of the middle market that require up to $100 million of initial equity capital. The investment team is managed by Partners Pierre de Villeméjane and Ryan Harrison, with experienced and talented professionals.
Source: PRNewswire
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