Monomoy Capital Partners, a New York private equity fund focused on value investing and business improvement, announced today that it has acquired Cont-Mid Group, LLC and Tiffin Holdings, LLC (the “Company” or “CMG”) from the Kaminski family that has owned and operated the business over the past 10 years. Terms of the transaction were not disclosed.
CMG is a $240 million manufacturer of custom-engineered metal fasteners (screws, nuts and bolts), cold formed parts and stampings for car makers, automotive suppliers, and industrial manufacturers. CMG markets a diverse product portfolio under the trade names Continental/Midland, Jacobson, Tiffin, MSD Stamping and Minuteman Distribution. The Company’s products include safety-critical seat belt fasteners, automobile door strikers and wheel nuts. Based in Park Forest, Illinois, the Company operates six facilities in Illinois, Indiana, Ohio and Michigan and employs 650 dedicated staff members.
“We are excited to welcome CMG to the Monomoy family of manufacturing businesses,” said Jaime McKenzie, a Vice President at Monomoy. “Under the leadership of the Kaminski family, the Company has built a leading automotive and industrial supplier with an impressive customer list, a strong asset base and industry-leading sales growth over the past five years. We look forward to working with the CMG management team to continue improving product quality, customer service and technical innovation.”
CMG joins a group of leading automotive suppliers currently or previously owned by Monomoy, including Compass Automotive, Gearbox, MPI Products, and Holley. “We look forward to teaming up with Monomoy as we get better at everything we do,” said David Kaminski, who will remain with the business as Chief Executive Officer. “Monomoy has a great track record in the automotive industry, and we are convinced that the Monomoy team is the right group to take CMG to the next level of excellence for our customers, suppliers and employees.”
Monomoy acquired CMG through its second fund vehicle, Monomoy Capital Partners II, L.P. Amy Wollensack and David Milligan from Kirkland & Ellis, LLP provided Monomoy with legal counsel in the transaction. Kimberly Rodriguez and Leonard LaRocca of KPMG, LLP completed financial, accounting and industry diligence for Monomoy. Desiree Visceglia of Ernst & Young provided tax advice. The sellers were represented by Steve Burt, Quinn Carlson and Jeff Kirshner of Duff & Phelps Corp. and Lawrence Brenman of Greenberg, Traurig, LLP.