Canadian alternative assets investor Kensington Capital Partners has completed a US$85 million recapitalization of Kenona Industries LLC, a Grand Rapids, Michigan high-volume precision machining business. The deal was done by the Kensington Private Equity Fund in partnership with management and co-investors. Founded in 1988, Kenona serves the automotive industry. Its products were utilized in over 45 2017 automobile nameplates, and its components are in more than 6 million of the 17 million U.S. vehicles produced annually. Kensington Senior Vice President Martin Kent said his firm will work with management to continue Kenona’s growth.
Kensington Capital Leads $85 million Recapitalization of Kenona Industries LLC
Kensington Capital Partners Limited (“Kensington”) is pleased to announce that the Kensington Private Equity Fund has completed an $85 million recapitalization of Kenona Industries LLC (“Kenona”) in conjunction with management and co-investors.
Kenona, located in Grand Rapids, Michigan, is a leading high-volume precision machining business serving the automotive industry. Kenona has developed a reputation as a leader in the value-added precision machining business where vertical integration of design and engineering, tool manufacturing, machining and testing has led Kenona to be the ‘go-to’ partner for customers requiring complex machined parts.
“We are very pleased to partner with Kensington. Our team is impressed with their knowledge and expertise, and we feel Kensington’s core values and culture are aligned with ours. Our team is excited about the next chapter in our company’s growth story,” said Nathaniel Rich, CEO of Kenona.
“We are impressed with the strong management team at Kenona and are excited by the growth prospects of the company,” stated Martin Kent, Senior Vice President at Kensington. “The company has a strong culture of innovation and operational excellence. Kenona is well-positioned in the marketplace, with excellent customer relationships. We are looking forward to working with the management team to continue to grow the business.“
The Kensington Private Equity Fund offers individual investors a diversified portfolio of world-class private equity investments, including hard-to-access private equity funds and direct investments in private companies.
Equity Fund invests across a breadth of industries primarily in the U.S. and Canada. To learn more, visit us at http://www.kcpl.ca.
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About Kenona Industries LLC
Kenona Industries LLC, headquartered in Grand Rapids, Michigan, supplies leading automotive Tier 1 suppliers with a lean approach to high-volume machining of iron and other metals. The Company excels in automated high-volume precision machining, providing components to the automotive industry’s leading manufacturers in high-growth product categories. Kenona’s products were utilized in over 45 different 2017 automobile nameplates, and the Company’s components are in over 6 million of the 17 million U.S. vehicles produced annually. Further information is available at https://www.kenona.com.
About Kensington Kensington is a leading independent Canadian investor in alternative assets. Founded in 1996, and with over $1.3 billion invested in private equity, venture capital, and alternative assets. Kensington’s active management approach and relationship-based business has generated top quartile returns for investors. For more information about Kensington, please visit http://www.kcpl.ca.