June 2, 2011
American Securities Completes Sale of Weasler Engineering to Actuant Corporation
American Securities, a New York-based private equity firm, today announced it has completed the sale of Weasler Engineering, Inc. to Actuant for a total consideration of approximately $155 million. The sale caps more than five years of partnership with the management of the company and significant accomplishments by Weasler over this period. Weasler generated approximately $85 million in revenue in the past twelve months.
American Securities, together with members of the management team, acquired Weasler Engineering in October 2005. Weasler Engineering is the leading global designer and manufacturer of highly engineered drivetrain components and systems for agriculture, lawn & turf, and industrial equipment. Headquartered in West Bend, Wisconsin, Weasler also maintains sales and manufacturing facilities in the Netherlands and Hungary.
Marc Saiontz, a Managing Director of American Securities, commented, “We are pleased to have completed the sale of Weasler to Actuant Corporation, another Wisconsin-based company with operations in more than 30 countries. We believe Actuant will be a great steward for Weasler’s business and its employees moving forward. American Securities in partnership with Jim Hawkins and the rest of the management team worked to help develop and implement a lean manufacturing program, standardize its IT platform internationally, enhance its Asia sourcing initiatives and successfully complete a product line expansion. As a market-leading company in a stable demand industry, Weasler achieved superior growth and a strong investment return.”
Jim Hawkins, CEO of Weasler, said, “Actuant is a terrific long-term home for Weasler. We have had an excellent partnership with American Securities and appreciate all their support in helping us advance to new levels in the marketplace, including embarking into new end markets. We look forward to continuing to grow our business and strengthen our customer relationships under this new ownership and partnership with Actuant.”
Kaye Scholer LLP acted as legal advisor and Robert W. Baird & Co. acted as financial advisor to Weasler.