Press Releases

KPS Special Situations Fund II Portfolio Company, Wire Rope Corp. of America, Completes Acquisition of Aceros Camesa and Dividend to Shareholders

Jun 20, 2005

New York, NY (June 20, 2005) -- Wire Rope Corporation of America, Inc. (“WRCA”), completed the acquisition of Aceros Camesa, S.A. de C.V. and Camesa Inc., the manufacturer of Awarco wire rope and PCSA pre-stressed concrete strand (Camesa) from Grupo Industrial Camesa, S.A. de C.V. The acquisition, refinancing of WRCA debt, and a $25 million distribution to WRCA shareholders were funded through a $220 million recapitalization.

The acquisition of Camesa by WRCA creates the leading manufacturer of wire rope in the Western Hemisphere and one of the largest in the world, with nearly $300 million of revenue, eight manufacturing facilities in the U.S. and Mexico, and over 1,400 employees.

KPS formed WRCA in July 2003 to purchase certain assets of its predecessor out of Chapter 11 bankruptcy, investing $14 million of equity into WRCA to capitalize the new Company. In connection with the Camesa acquisition and the concurrent recapitalization of WRCA, the Company paid a $25 million dividend to its shareholders. After the Camesa acquisition and recapitalization, KPS and Management will continue to own 100% of WRCA’s common stock.

David Shapiro, a Managing Principal of KPS said, “We congratulate Ira Glazer, WRCA’s CEO, and all of the employees of WRCA who catalyzed the stunning turnaround of the Company. Not too long ago, the predecessor to WRCA was operating in bankruptcy, and its future was in doubt. Today, WRCA is the dominant company in its industry - profitable and growing. The acquisition of Camesa, with its strong position in specialty wire products, its dominant position in the Mexican wire rope market, its excellent manufacturing facilities, and its strong management team, represents a perfect fit for WRCA. We would also like to thank the United Steelworkers for introducing us to the WRCA opportunity back in 2002.”

Ira Glazer said, “We at WRCA have always believed that the Company had a bright future and unlimited potential. The combination with Camesa will take us to a new level in terms of product offering, customer service, manufacturing and engineering capabilities, and geographic reach.

WRCA Management values its relationship with the KPS team, led by David Shapiro, Michael Psaros, Gene Keilin and Raquel Palmer, which has supported us from the beginning. We have worked in close partnership with KPS to develop and execute a strategy that resulted in a very successful turnaround of our Company. KPS has provided the necessary support and leadership to enable us to complete the acquisition and financing process. We look forward to continuing to create significant value for our shareholders by being the premier producer of wire rope products in the world.”

The transaction was financed through a $175 million secured term loan agented by J.P. Morgan Securities, Inc. and a $45 million revolving credit facility agented by HSBC.

About Wire Rope Corporation of America, Inc.

Based in St. Joseph, Missouri, WRCA ( is the nation's leading producer of high carbon wire rope products and is the largest domestic supplier of wire rope products to the mining, oil and gas, and construction industries.

About Aceros Camesa

Aceros Camesa, based in Mexico City, is a leading producer of high carbon steel wire, pre-stressed concrete wire, pre-stressed concrete strand, wire rope and electromechanical cables.

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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