Press Releases

KPS Capital Partners Sells Crenlo to Angeles Equity Partners

Nov 05, 2019

KPS Completes Sale of All Investments in KPS Special Situations Fund III, LP and KPS Special Situations Fund III (Supplemental), LP

New York, NY (November 5, 2019) -- KPS Capital Partners, LP (“KPS”) announced today it has sold Crenlo Cab Products, LLC (together with its Emcor and Siac do Brasil affiliates, “Crenlo”) to Angeles Equity Partners, LLC.

KPS created International Equipment Solutions, LLC (“IES”) in 2011 to acquire Crenlo, along with Paladin, Pengo and Genesis from Dover Corporation.  Following the sale of Crenlo, KPS has now sold all business units of IES.  KPS sold IES’ Attachments division (including Paladin and Pengo) to Stanley Black & Decker in March 2019.  KPS sold Genesis to NPK Construction Equipment in May 2019.   

Raquel Palmer, a Managing Partner of KPS, said, “We congratulate and thank the Crenlo management team for their impressive execution. We are proud to have partnered with IES’ Chief Executive Officer Steve Andrews and Chief Financial Officer Steve Klyn in Crenlo’s incredible transformation from a non-core division of a large corporation into a highly profitable and thriving standalone company.” 

Ms. Palmer added, “KPS has sold all its investments in KPS Special Situations Fund III, LP (“Fund III”) and KPS Special Situations Fund III (Supplemental), LP (“Fund IIIS”), together (“Fund III / IIIS”) with this sale.  We are very proud of our Fund III / IIIS investment campaign and its success.”

Paul, Weiss, Rifkind, Wharton and Garrison LLP served as legal counsel and Lincoln International served as exclusive financial advisor to KPS and Crenlo with respect to the transaction.

About Crenlo

Crenlo is a leading independent manufacturer of operator cabs, locomotive sub-assemblies, electronic enclosures and other complex fabrications in North America and South America.  Headquartered in Rochester, Minnesota, Crenlo operates manufacturing facilities in the United States and Brazil.  For more information, please visit www.crenlo.com.

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 www.kpsfund.com.

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