NEW YORK, Dec. 12, 2014 /PRNewswire/ -- American Securities
LLC, a New York-based private
equity firm, today announced the pricing of the initial public
offering ("IPO") for Metaldyne Performance Group Inc. ("MPG")
(NYSE: MPG).
MPG was formed in August 2014
through the merger of HHI Group Holdings, Metaldyne LLC, and Grede
Holdings LLC to create a new holding company. All three
companies were previously majority owned by affiliates of American
Securities. HHI was acquired by American Securities and
certain members of HHI management in October 2012. Metaldyne
was acquired by American Securities and certain members of
Metaldyne management in December 2012. Grede was acquired by
American Securities and certain members of Grede management in
June 2014.
MPG is a leading provider of highly-engineered components for
use in powertrain and safety-critical platforms for the global
light, commercial and industrial vehicle markets. The company
produces these components using complex metal-forming manufacturing
technologies and processes for a global customer base of vehicle
OEMs and Tier I suppliers. MPG's components help OEMs meet
fuel economy, performance and safety standards.
Affiliates of American Securities sold a total of 10,000,000
shares in the IPO, raising $150
million of proceeds. The issue price was set at
$15.00, which brings MPG's equity
market capitalization over $1
billion. The underwriters will have a 30-day option to
purchase up to an additional 1,500,000 shares at the IPO price.
"We would like to congratulate MPG's management team on a
successful IPO," commented Kevin S.
Penn, a Managing Director at American Securities.
"Creating MPG through the merger of HHI, Metaldyne, and Grede was a
significant undertaking, and the team has done an excellent job in
combining the three businesses to create a platform that spans 13
countries and 61 locations."
Michael G. Fisch, President &
CEO of American Securities, added, "George
Thanopoulos, Tom Amato, and
Doug Grimm have each been terrific
partners for us both at their respective businesses and MPG as a
combined company. American Securities is proud of our
association with them and the entire MPG management team."
Following the IPO, affiliates of American Securities will hold a
significant ownership position in MPG and its professionals
continue to serve on the MPG's Board of Directors.
About American Securities
Based in New York with an office in Shanghai, American Securities is a leading
U.S. private equity firm that invests in market-leading North
American companies with annual revenues generally ranging from
$500 million to $2 billion.
American Securities and its affiliates have approximately
$10 billion under management.
American Securities is currently investing from its sixth
fund. The firm traces its roots to a family office founded in
1947 to invest and manage a share of the fortune created from the
growth of Sears, Roebuck & Co in the early 1900s. More
information about American Securities can be found
at www.american-securities.com.
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SOURCE American Securities LLC