Press Releases

KPS Special Situations Fund II Completes Acquisition of Atchison Casting Corporation, Announces the Formation of Americast Technologies, Inc

Dec 23, 2003

New York, NY (December 23, 2003) -- KPS Special Situations Fund II announced today that it has completed the acquisition of the remaining operating assets of Atchison Casting Corporation (Atchison) out of bankruptcy. Under the terms of the asset purchase agreement, KPS formed a new company - AmeriCast Technologies, Inc. - to purchase five business units of ACC for approximately $40 million.

KPS has invested approximately $55 million in the transaction, including interim working capital financing for AmeriCast between the closing of the transaction and the final placement of an asset-based lending facility. KPS has also concluded new, five-year labor agreements with the United Steelworkers of America and the Glass, Molders, Pottery, Plastics and Allied Workers International Union that will help AmeriCast makes substantial capital investment in the company's assets.

The Atchison acquisition constitutes the third KPS transaction in the past six months and the fifth company that KPS has acquired out of bankruptcy.

About Atchison

Atchison is a world leader in the design, manufacture and supply of highly-engineered steel and iron sand castings, machined components and assemblies. Atchison casts large and difficult-to-manufacture parts and is a critical supplier to Fortune 50 manufacturers in the locomotive, mass transit, mining, agricultural equipment, construction, energy and heavy-duty truck industries. KPS will acquire five Atchison business units through AmeriCast: Atchison Steel Casting & Machine based in Atchison, Kansas and St. Joseph, Missouri; Amite Foundry & Machine based outside of New Orleans, Louisiana; Prospect Foundry based in Minneapolis, Minnesota; London Precision Machine and Tool based in London, Ontario; and ACC Global based in Houston, Texas.

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 over $12.0 billion of assets under management (as of September 30, 2020).  For over two 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 have aggregate annual revenues of approximately $10.3 billion, operate 158 manufacturing facilities in 22 countries, and have over 32,000 employees, directly and through joint ventures worldwide. The KPS investment strategy and portfolio companies are described in detail at www.kpsfund.com.

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