KPS Sells Crenlo To Angeles Equity Partners
KPS Capital Partners, LP announced today it has sold Crenlo Cab Products - together with its Emcor and Siac do Brasil affiliates - to Angeles Equity Partners.
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.”
The deal means that KPS has now sold all its investments in KPS Special Situations Fund III and KPS Special Situations Fund III (Supplemental). The Crenlo exit was the final piece of KPS's investment in International Equipment Systems (KPS previously sold other parts of the business to Stanley Black and Decker and NPK Construction Equipment). KPS created International Equipment Solutions back in 2011 to acquire Crenlo, along with Paladin, Pengo and Genesis from Dover Corporation. A source close to the deal told AlphaWeek that KPS earned a return of 3x it’s invested capital on the overall International Equipment Systems deal.
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.