Press Releases

KPS and Pegasus Complete Purchase of Genesis Worldwide Inc.

Dec 12, 2001

New York, NY (December 12, 2001) -- Genesis Worldwide II, Inc. (“Genesis II”), a company created by Pegasus Partners II. L.P. and KPS Special Situations Fund, L.P., announced today it has completed the acquisition of Genesis Worldwide. Genesis II purchased the domestic businesses and assets of Genesis Worldwide, Inc. and its subsidiaries pursuant to a section 363 sale of assets in the Chapter 11 bankruptcy proceeding of Genesis Worldwide.

Genesis Worldwide, Inc. ( engineers and manufactures high-quality metal coil processing and roll coating and electrostatic oiling equipment in the United States through its Herr-Voss, Stamco and GenCoat business units. The Company also provides mill roll reconditioning, texturing and grinding services in addition to its rebuild, repair and spare parts business.

Genesis Worldwide II purchased the assets and operations of Genesis Worldwide, Inc. for approximately $20.5 million and the assumption of certain liabilities. Under the terms of the sale agreement, Pegasus and KPS (through an affiliate, Blue Coil LLC) paid cash, issued a secured subordinated note and equity interests and assumed certain liabilities of Genesis Worldwide Inc.

Genesis II also announced that it had retained Mr. Walter Stasik to serve as the CEO of the Company. Mr. Stasik has over 30 years of capital equipment experience, most recently with Voest-Alpine Industries in Pittsburgh, where he was the Vice President for Special Projects. Mr. Stasik previously served as the Chief Operating Officer of the Danieli Corporation from 1993 to 2000.

Mr. Stasik said, “We are extremely excited to complete the Pegasus/KPS investment transaction. Genesis has a strong core business, superior technology, a very large installed machine base and a tremendously loyal customer base in the metals processing industry. The transaction eliminates substantially all of the Company’s debt and other liabilities, and provides us with the financial resources necessary to advance our position as the premier provider of equipment, service, parts and rebuilds to our large customer base.”

Pegasus Partners II, L.P. is managed by Pegasus Capital Advisors, L.P., a Greenwich, Connecticut based private equity investment firm with approximately $800 million under management. Pegasus makes control and structured investments as both debt and equity securities in companies that are at points of financial or operational stress or significant change.

KPS Special Situations Fund, L.P. ( is a $210 million private equity fund focused on constructive investing in turnarounds, restructurings, bankruptcies and other special situations. KPS seeks to realize significant capital appreciation by making controlling equity investments in companies engaged in manufacturing, transportation and service industries challenged by the need to effect immediate change. This transaction will be the third bankruptcy-related acquisition completed by KPS in two years.

Very important to the success of the transaction were new collective bargaining agreements with locals of the United Steelworkers of America (USWA) and the International Association of Machinists and Aerospace Workers (IAM). These new collective bargaining agreements constitute an essential component of the Company’s turnaround plan.

About KPS Capital Partners

KPS, through its affiliated management entities, is the manager of the KPS Special Situations Funds, a family of investment funds with approximately $13.4 billion of assets under management (as of March 31, 2022).  For nearly three decades, the Partners of KPS have worked exclusively to realize significant capital appreciation by making controlling equity investments in manufacturing and industrial companies across a diverse array of industries, including basic materials, branded consumer, healthcare and luxury products, automotive parts, capital equipment and general manufacturing.  KPS creates value for its investors by working constructively with talented management teams to make businesses better, and generates investment returns by structurally improving the strategic position, competitiveness and profitability of its portfolio companies, rather than primarily relying on financial leverage. The KPS Funds’ portfolio companies generate aggregate annual revenues of approximately $19.7 billion, operate 233 manufacturing facilities in 27 countries, and have approximately 52,000 employees, directly and through joint ventures worldwide (as of March 31, 2022, pro forma for recent acquisitions and exits). The KPS investment strategy and portfolio companies are described in detail at

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