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USA - KPS Capital Partners Completes Waupaca Foundry Recapitalization.
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KPS Capital Partners LP (KPS), New York, announced the completion of its portfolio company Waupaca Foundry Inc.’s successful recapitalization. Following a $200 million upsizing of the company’s term loan, the proceeds were used to fund a $200 million cash distribution to stockholders.
Following the recapitalization, the Waupaca, Wis.-based gray and ductile iron casting producer remains conservatively capitalized and will have the continued support of KPS, its majority shareholder, to pursue continuous improvement and growth initiatives. KPS is a private equity firm with $2.5 billion of assets under management.
“Waupaca is now a thriving independent company under KPS’ ownership, and we are pleased to return capital to our stockholders. This recapitalization validates the successful transformation of Waupaca that was achieved in a very short period of time. Our conservative capital structure and the financial support of our stockholders provide us with the resources to support our customers and grow aggressively, both organically and through acquisitions,” said Gary Gigante, CEO, Waupaca Foundry.
Financing for the transaction was provided by a syndicate of banks and institutional investors with GE Capital Markets, Inc. acting as Lead Arranger. RBC Capital Markets acted as special advisor to KPS.
Source: American Foundry Society - AFS
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