KPS Acquires Jernberg Industries and Related Entities
KPS announced the acquisition of substantially all of the assets of Jernberg Industries Inc., Iron Mountain Industries LLC and related entities. The transaction was accomplished through a newly formed company called Hephaestus Holdings Inc. (HHI).
According the KPF's press release, HHI is one of North America's leading manufacturers of highly engineered forged parts for various powertrain and wheel end applications in the automotive industry. Products manufactured by HHI include wheel hubs, transmission turbine hubs, and axle rings and pinion gears. With more than 800 employees, HHI operates four manufacturing facilities located in Chicago.
KPS has retained George Thanopoulos to lead HHI as CEO. Thanopoulos has more than 20 years' automotive experience.
KPS also invested $23 million of equity capital into HHI to fund the company's turnaround plan and working capital. In addition, KPS provided HHI with $8 million of interim financing for certain new manufacturing equipment.
Thanopoulos says, ?Our objective is to build the premier supplier of automotive forgings in North America.?