Click here to close now.




















Welcome!

News Feed Item

KPS Capital Partners To Sell Waupaca Foundry To Hitachi Metals For $1.3 Billion In Cash

NEW YORK, Aug. 19, 2014 /PRNewswire/ -- KPS Capital Partners, LP ("KPS") announced today that it signed a definitive agreement, through an affiliate, to sell its portfolio company Waupaca Foundry, Inc. ("Waupaca" or the "Company") to Hitachi Metals, Ltd. ("Hitachi Metals", TSE: 5486) for $1.3 billion in cash.

Waupaca is the largest iron foundry company in the world, producing gray and ductile iron castings using state-of-the-art technology.  The Company is North America's leading supplier of iron castings to the automotive, commercial vehicle, agriculture, construction and industrial markets.

David Shapiro, a Managing Partner of KPS, stated, "The success of our investment in Waupaca demonstrates KPS' ability to see value where others do not, to buy right and to make businesses better.  In 2012, we recognized the transformation of the North American iron foundry market and the unrivaled importance of Waupaca to its customers and the end markets that it serves.  The sale of Waupaca to Hitachi Metals, a leading multinational corporation, is a great outcome for our investors, Waupaca, its management, employees and customers.

"KPS worked with management to improve every aspect of Waupaca's business, resulting in profitability increasing by more than 40% in just over two years.  The investment return generated for our investors in the Waupaca transaction is further validation of the KPS investment strategy, which we have successfully executed over many years and across numerous economic cycles.  We are very proud to have had the opportunity to partner with Gary Gigante, his management team and all the dedicated employees of Waupaca.  The material value created for our investors since 2012 is the result of their collective effort, for which we are very grateful.  We are confident that Waupaca will continue to grow and prosper in the future as part of Hitachi Metals," Mr. Shapiro concluded.

Gary Gigante, Chief Executive Officer of Waupaca, added, "KPS recognized the potential of our business two years ago.  Working in partnership with KPS, we invested significantly in our operations and people, which included an expansion of our production capacity and launching numerous continuous improvement initiatives across all six of our foundries.  We are very grateful to KPS for its leadership and its commitment to improving and growing our business.  We are thrilled to join Hitachi Metals, which has the resources, foundry experience, access to capital and global reach that will enable Waupaca to achieve an even higher level of success."

Completion of the transaction, which is expected during the fourth quarter, is subject to customary closing conditions.

Paul, Weiss, Rifkind, Wharton & Garrison LLP and Morgan Stanley & Co. LLC served as legal counsel and financial advisor, respectively, to KPS and Waupaca with respect to the transaction.

About Waupaca Foundry, Inc.

Waupaca Foundry, Inc., the largest iron foundry company in the world, produces ductile iron and gray iron castings using state-of-the-art technology.  Waupaca is North America's leading supplier of iron castings to the automotive, commercial vehicle, agriculture, construction, and industrial markets.  Headquartered in Waupaca, Wisconsin, the iron metal caster operates six manufacturing facilities, located in Waupaca, Wisconsin (3 individual sites), Marinette, Wisconsin, Tell City, Indiana, and Etowah, Tennessee.  Waupaca employs approximately 3,900 people. For more information, visit www.waupacafoundry.com.

About KPS Capital Partners, LP

KPS is the manager of the KPS Special Situations Funds, a family of investment funds with over $6.1 billion of assets under management.  KPS seeks to realize significant capital appreciation by making controlling equity investments in companies across a diverse range of manufacturing industries experiencing a period of transition or challenged by the need to effect immediate and significant change.  KPS creates value for its investors by seeing value where others do not, buying right and making businesses better.  The KPS investment strategy is based primarily upon partnering with world-class management teams to effect material and sustainable improvements in the operations of its businesses.  Thereafter, KPS focuses on growing its businesses, both organically and through strategic acquisitions.  KPS portfolio companies have aggregate annual revenues of approximately $8.1 billion, operate 109 manufacturing facilities in 26 countries, and employ over 51,000 associates, directly and through joint ventures worldwide.  The KPS investment strategy and portfolio companies are described in detail at www.kpsfund.com.

SOURCE KPS Capital Partners, LP

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
SYS-CON Events announced today that G2G3 will exhibit at SYS-CON's @DevOpsSummit Silicon Valley, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Based on a collective appreciation for user experience, design, and technology, G2G3 is uniquely qualified and motivated to redefine how organizations and people engage in an increasingly digital world.
In their Live Hack” presentation at 17th Cloud Expo, Stephen Coty and Paul Fletcher, Chief Security Evangelists at Alert Logic, will provide the audience with a chance to see a live demonstration of the common tools cyber attackers use to attack cloud and traditional IT systems. This “Live Hack” uses open source attack tools that are free and available for download by anybody. Attendees will learn where to find and how to operate these tools for the purpose of testing their own IT infrastructu...
DevOps Summit, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development...
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome,” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
Whether you like it or not, DevOps is on track for a remarkable alliance with security. The SEC didn’t approve the merger. And your boss hasn’t heard anything about it. Yet, this unruly triumvirate will soon dominate and deliver DevSecOps faster, cheaper, better, and on an unprecedented scale. In his session at DevOps Summit, Frank Bunger, VP of Customer Success at ScriptRock, will discuss how this cathartic moment will propel the DevOps movement from such stuff as dreams are made on to a prac...
SYS-CON Events announced today that DataClear Inc. will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. The DataClear ‘BlackBox’ is the only solution that moves your PC, browsing and data out of the United States and away from prying (and spying) eyes. Its solution automatically builds you a clean, on-demand, virus free, new virtual cloud based PC outside of the United States, and wipes it clean...
With the proliferation of connected devices underpinning new Internet of Things systems, Brandon Schulz, Director of Luxoft IoT – Retail, will be looking at the transformation of the retail customer experience in brick and mortar stores in his session at @ThingsExpo. Questions he will address include: Will beacons drop to the wayside like QR codes, or be a proximity-based profit driver? How will the customer experience change in stores of all types when everything can be instrumented and a...
Contrary to mainstream media attention, the multiple possibilities of how consumer IoT will transform our everyday lives aren’t the only angle of this headline-gaining trend. There’s a huge opportunity for “industrial IoT” and “Smart Cities” to impact the world in the same capacity – especially during critical situations. For example, a community water dam that needs to release water can leverage embedded critical communications logic to alert the appropriate individuals, on the right device, as...
Manufacturing connected IoT versions of traditional products requires more than multiple deep technology skills. It also requires a shift in mindset, to realize that connected, sensor-enabled “things” act more like services than what we usually think of as products. In his session at @ThingsExpo, David Friedman, CEO and co-founder of Ayla Networks, will discuss how when sensors start generating detailed real-world data about products and how they’re being used, smart manufacturers can use the ...
WebRTC services have already permeated corporate communications in the form of videoconferencing solutions. However, WebRTC has the potential of going beyond and catalyzing a new class of services providing more than calls with capabilities such as mass-scale real-time media broadcasting, enriched and augmented video, person-to-machine and machine-to-machine communications. In his session at @ThingsExpo, Luis Lopez, CEO of Kurento, will introduce the technologies required for implementing thes...
Any Ops team trying to support a company in today’s cloud-connected world knows that a new way of thinking is required – one just as dramatic than the shift from Ops to DevOps. The diversity of modern operations requires teams to focus their impact on breadth vs. depth. In his session at DevOps Summit, Adam Serediuk, Director of Operations at xMatters, Inc., will discuss the strategic requirements of evolving from Ops to DevOps, and why modern Operations has begun leveraging the “NoOps” approa...
Organizations from small to large are increasingly adopting cloud solutions to deliver essential business services at a much lower cost. According to cyber security experts, the frequency and severity of cyber-attacks are on the rise, causing alarm to businesses and customers across a variety of industries. To defend against exploits like these, a company must adopt a comprehensive security defense strategy that is designed for their business. In 2015, organizations such as United Airlines, Sony...
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
While many app developers are comfortable building apps for the smartphone, there is a whole new world out there. In his session at @ThingsExpo, Narayan Sainaney, Co-founder and CTO of Mojio, will discuss how the business case for connected car apps is growing and, with open platform companies having already done the heavy lifting, there really is no barrier to entry.
To assist customers with legacy Windows Server 2003 that is no longer supported by Microsoft, Racemi has introduced fixed price packages for upgrading and migrating Windows Server 2003 servers to either Windows 2008 R2 or Windows 2012 R2 and the choice of Amazon Web Services (AWS) or SoftLayer cloud. "We're extending a lifeline by upgrading the legacy servers to more modern Windows Server platforms while taking advantage of cloud computing," said James Strayer, vice president of product managem...