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Angeles Equity Partners Acquires Crenlo and Worthington Industries Engineered Cabs
Friday 08 November 2019

8 November 2019 - California, US-based private investment firm Angeles Equity Partners, LLC  has acquired two engineered operator cabs manufacturers, Minnesota, US-based Crenlo Cab Products, LLC (together with its Emcor and Siac do Brasil affiliates) from KPS Capital Partners, LP, and Tennessee, US-based Worthington Industries Engineered Cabs (WIEC) from Worthington Industries (NYSE: WOR), the company said.
Terms of the transactions were not disclosed.
Angeles said it is merging Crenlo and WIEC to drive growth through improved manufacturing scale and capabilities, better geographic reach, and broader product portfolio applications.
The combined business will be majority owned and controlled by Angeles, with Worthington Industries retaining a minority ownership position as part of its cashless transaction with Angeles.
Angeles Equity Partners, LLC is focussed on value creation through operational transformation that invests in companies across a wide range of sectors and specifically targets businesses, which it believes can directly benefit from the firm's strategic, operational and M and A capabilities.
Crenlo is an independent manufacturer of operator cabs, locomotive sub-assemblies, electronic enclosures, and other complex fabrications in North America and South America.
Worthington Industries Engineered Cabs designs and manufactures custom engineered open and enclosed cabs, operator stations, custom fabrications, and packaging for heavy mobile equipment.
Worthington Industries is a global diversified metals manufacturing company with 2019 fiscal year sales of USD 3.8bn.
Headquartered in Columbus, Ohio, Worthington is North America's premier value-added steel processor providing customers with wide ranging capabilities, products and services for a variety of markets including automotive, construction and agriculture.
Lincoln International and Paul, Weiss served as financial and legal advisors, respectively, to Crenlo and KPS in the transaction. Worthington was advised by Cowen and Vorys. Honigman served as legal advisor to Angeles.
Date Published: 08/11/2019
Target: Crenlo Cab Products,
Country: USA
Sector: Railways
Type: LBO
Status: Closed
Vendor: KPS Capital Partners, Worthington Industries,  
Buyer: Angeles Equity Partners
Buyer Advisor: Honigman,  
Terms of the deal were not disclosed