Private equity firm Monomoy Capital Partners has purchased the Ohio-based aluminum extrusion producer Astro Shapes for an undisclosed amount.
The terms of the agreement were not disclosed, but Jaime Forsyth, managing director, Monomoy, said that the venture capital firm would work with Astro Shapes to “drive long-term value for its customers, suppliers, and employees.”
Astro Shapes, which was a family-owned business before the acquisition, produces aluminum extrusions in more than 14,000 shapes. Headquartered in Struthers, Ohio, the company operates three plants in the Midwest and Northeastern US, employing around 700 people. The company’s computerized extrusion presses have the capability to create shapes from six-, seven-, and eight-inch diameter aluminum billets.
Monomoy has $1.7bn in committed capital and invests in middle-market businesses. The company acquires companies in the manufacturing, industrial, distribution, and consumer product sectors and has closed over 50 such acquisitions over the past 15 years.
According to the company’s website, Monomoy’s strategies help acquired companies to generate considerable cash flows and improve their earnings within 12-18 months of the acquisition.