Livingstone Irons Out Another Deal
February 2008
Livingstone Partner’s Chicago team has announced the successful divesture of Prospect Foundry, Inc. (“Prospect”), a subsidiary of AmeriCast Technologies, Inc. (“AmeriCast”), to TMB Industries (“TMB”), a Chicago based private equity firm.
AmeriCast is a portfolio investment of Castle Harlan, Inc., the New York based private equity firm, and Bradken Pty Limited, a leading Australian manufacturer of steel castings.
Prospect, headquartered in Minneapolis, Minnesota, is a leading low- to medium-volume producer of highly-engineered, complex iron castings for the construction, mining, agricultural and non-automotive transportation markets. During its 70 year history, the company has evolved from its origins as a small gray iron foundry to one of the premier independent iron foundries in the U.S.
Castle Harlan acquired Prospect’s corporate parent, AmeriCast in 2006. AmeriCast casts large and difficult-to-manufacture parts and is a critical supplier to Fortune 50 manufacturers in the locomotive, mass transit, mining, construction and heavy-duty truck industries. A strategic review undertaken after the deal concluded that the group should focus its efforts solely on its core large steel casting business. As a result, Prospect was identified as a candidate for sale.
“This sale represents an important part of AmeriCast’s strategic repositioning,” commented Robi Mitra, Livingstone Chicago vice president. “Prospect provides TMB an attractive complement to its Richland Center Foundry platform and a new platform from which to build a leading low- to medium-volume iron foundry group serving non-automotive markets in North America.”
Building on its experience of working with Livingstone’s Industrial sector team on the $1.4bn of deals since 2005, Castle Harlan introduced AmeriCast to the firm to handle the Prospect sale.
For further information contact
Steve Miles
Tel: 001 312 670 5901
miles@livingstonepartners.com
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