Acquisition Adds a Leading Aluminum Extruder to the Monomoy Portfolio
NEW YORK–(BUSINESS WIRE)–Monomoy Capital Partners, a private investment firm with $1.7 billion in committed capital that invests in the debt and equity of middle market businesses, announced today that it has acquired Astro Shapes LLC (“Astro Shapes” or the “Company”), a leading manufacturer of custom-finished aluminum extrusions in the Midwest and Northeast United States. Terms of the transaction were not disclosed.
Astro Shapes was a family-owned business founded in 1971 by Bob Cene, Sr. and is currently led by Paul Cene, Bob’s son. Over the past 50 years, Astro Shapes has grown into an industry powerhouse that operates state-of-the-art, computerized extrusion presses capable of creating cutting-edge shapes from aluminum billets of six, seven and eight inches in diameter. The Company creates value-added custom extrusions in over 14,000 unique shapes and sizes in painted, thermal, anodized and other finishes for recreational vehicles, residential windows and doors, commercial windows and doors, medical applications and capital equipment.
Headquartered in Struthers, Ohio, Astro Shapes manufactures aluminum extrusions in three manufacturing facilities operated by nearly 700 talented and dedicated employees. The Company maintains significant market share in the Midwest and Northeast and is committed to excellence in quality and customer service through continuous improvement and employee engagement.
“We congratulate Paul Cene and his team for building a premier, market-leading business in aluminum extrusion,” said Jaime Forsyth, a Monomoy Managing Director. “Astro Shapes is a proven, highly-regarded supplier to a diverse customer base, a true partner with its suppliers and well-positioned for continued success in the future. Monomoy is excited to work with the Astro Shapes management team and to collaborate with the Company to drive long-term value for its customers, suppliers and employees.”
“With the help of Jim DiBacco and my brother, Bob Cene Jr., it is a privilege to have built upon and lead the business my father started almost 50 years ago, and I am confident that the Company will enjoy a bright future under Monomoy’s ownership,” said Mr. Cene, President and Chief Executive Officer at Astro Shapes. “Monomoy’s focus on excellence and trusted relationships with customers and supply partners aligns perfectly with the culture at Astro Shapes. We look forward to working closely with Monomoy to build on Astro Shapes’ legacy and realize significant growth opportunities for the business.”
“We are excited to welcome Astro Shapes to the Monomoy portfolio,” said Dan Collin, Monomoy Co-CEO. “Astro Shapes is a business we have admired and followed for years. We look forward to helping the Astro Shapes team build the business in the years ahead.”
Monomoy acquired Astro Shapes through its third private equity fund, Monomoy Capital Partners III, L.P. Cerberus Business Finance provided acquisition financing for the acquisition; Ropes & Gray LLP provided Monomoy with legal counsel; and Alvarez & Marsal, LLC completed financial, accounting, and tax diligence for Monomoy. Mayer Brown LLP provided Astro Shapes LLC with legal counsel.
About Monomoy Capital Partners
Monomoy Capital Partners is a private investment firm with $1.7 billion in committed capital that invests in middle-market businesses in the manufacturing, industrial, distribution and consumer products sectors. The firm invests in the equity or debt of middle-market businesses that can benefit from operational and financial improvement. Monomoy designs and executes a customized value creation plan for each acquisition that seeks to generate significant cash flow and improve earnings within 12 to 18 months of an investment. Over the past 15 years, Monomoy has closed over 50 middle-market acquisitions in the manufacturing, distribution and consumer product sectors. To learn more about Monomoy and its portfolio companies, please visit www.mcpfunds.com.
About Astro Shapes
One of the premier independent manufacturers of aluminum extrusion profiles, Astro Shapes is a trusted manufacturer of complex, custom-finished aluminum extrusions for customers in the Midwest and Northeast United States. Headquartered in Struthers, Ohio, Astro Shapes produces value-added custom extrusions in over 14,000 unique shapes and sizes and a wide variety of tempers and finishes, including painted, thermal, anodized and other finishes. The Company’s products are primarily used for recreational vehicles, residential windows and doors, commercial windows and doors, medical applications and capital equipment. To learn more about Astro Shapes, please visit www.astroshapes.com.
Contacts
Erica Bartsch
Sloane & Company
(212) 486-9500
ebartsch@sloanepr.com
