KPS Capital Partners LP announced that is has completed the acquisition of ThyssenKrupp Waupaca Inc from ThyssenKrupp Budd Co. Upon closing the company was renamed Waupaca Foundry Inc.

Perella Weinberg Partners LP acted as financial adviser and Paul, Weiss, Rifkind, Wharton and Garrison LLP served as legal counsel to KPS and its affiliates. Both firms have offices in New York and other cities.

Financing for the transaction was provided by a syndicate of banks and institutional investors with GE Capital Markets Inc, although financial terms of the transaction were not disclosed.

KPS Capital Partners LP is manager of the KPS Special Situations Funds, a family of private equity funds with more than USD 2.8 billion of assets under management focused on investing in corporate carve outs, restructurings and other special situations.

The decision to divest ThyssenKrupp Waupaca comes as part of a wider strategic plan and portfolio adjustment announced by the ThyssenKrupp Group in May 2011. ThyssenKrupp AG, a materials and technology group, is based in Essen in Germany,

Waupaca Foundry produces gray and ductile iron castings and is a supplier of iron castings to the automotive, truck and commercial vehicle markets. The company operates six manufacturing facilities in Waupaca and Marinette; and Etowah Tenn. Waupaca Foundry employs a total of about 3,500 people.

Source - The Business Journal

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