AAA Sales & Engineering Inc, a portfolio company of Industrial Opportunity Partners, has acquired nearly all of the business, operations and assets of General Products Corp’s (GPC) Angola, Indiana, facility and the stock of its subsidiary in San Luis Potosi, Mexico along with the assumption of certain liabilities. Financial terms weren’t announced. GPC provides drive train-related products for automotive and commercial vehicle applications. BlueWater Partners and Miller Johnson represented GPC. MB Financial, Silicon Valley Bank and Patriot Capital provided financing, while Winston & Strawn LLP were the attorneys for IOP in the transaction.
Evanston, Ill., September 8, 2016 – Industrial Opportunity Partners (“IOP”), an operations-focused private equity firm based in Evanston, Ill., today announced the strategic acquisition of certain facilities of machining supplier General Products Corporation (“GPC”) by IOP platform company AAA Sales & Engineering, Inc. (“AAASE”). AAASE is a precision machiner of large, complex machined iron castings for customers primarily in the agricultural equipment and off-highway vehicle markets.
GPC, founded in 1922, focuses on providing drivetrain-related products for automotive and commercial vehicle applications. AAASE acquired substantially all of the business, operations and assets of GPC’s Angola, Ind., facility as well as the stock of its subsidiary in San Luis Potosi, Mexico (collectively the “Business”) along with the assumption of certain liabilities.
IOP and AAASE believe the Business provides a strategic extension of AAASE’s products, manufacturing footprint and customer base within the automotive and medium/heavy duty truck industry. The combined organization maintains a solid reputation for quality product and on-time delivery with its customer base comprised of automotive, agriculture, commercial vehicle, construction, industrial, and energy manufacturers. The company will operate under the AAASE brand at its three manufacturing locations in Angola, San Luis Potosi, and Oak Creek, Wis. Each plant contains significant excess capacity to support further expected growth.
“Our team and company are truly excited to expand our brand and competitive advantages into new industries and regions,” said Brad Long, President of AAASE. “GPC brings talent and capabilities that should further our momentum toward being the first choice for customers.”
John Colaianne, Chairman of AAASE, added, “The acquisition of the Business from GPC helps to expand AAASE’s geographic footprint and better serve our customer base. The combined company should benefit from broadened customer relationships and greater end market diversification.”
BlueWater Partners and Miller Johnson represented GPC. MB Financial, Silicon Valley Bank and Patriot Capital provided financing, while Winston & Strawn LLP provided legal representation to IOP in the transaction.
About AAA Sales & Engineering, Inc.
AAASE, originally founded in 1968, provides high precision production machining services for a variety of OEMs, handling projects from design and prototyping to finished product and post-production services. AAASE prides itself on its product quality, customer service and support, in-house design and engineering capabilities and operational excellence. AAASE now operates from three primary facilities in Oak Creek, Wis., Angola, Ind., and San Luis Potosi, Mexico and with approximately 200 employees. For more information, visit AAA’s website at www.aaase.com.September 8, 2016 Page 2 of 2
About Industrial Opportunity Partners
IOP, an Evanston, Ill.-based private equity firm with $460 million of committed capital since inception, is dedicated to creating value through investing in manufacturing and value-added distribution businesses with sales between $30 million and $350 million. IOP focuses on businesses with strong product, customer, and market positions, and provides management and operational resources to support sales and earnings growth at its businesses. For more information, visit IOP’s website at www.iopfund.com