Brown Gibbons Lang & Company (BGL) today announced the sale of Great Lakes Castings, LLC, a leading U.S. manufacturer of high quality gray iron castings to an undisclosed private equity firm. Terms of the transaction were not disclosed.
Founded in 1945 and headquartered in Ludington, Michigan, Great Lakes Castings is a leading North American manufacturer of high quality gray iron castings for industry leading customers in the industrial, automotive, HVAC, refrigeration, construction, and manufacturing end markets. The company offers a wide variety of engineering services and other value-added processing including shell core, cold box, annealing, and heat treating capabilities, in addition to providing industry best lead times.
Great Lakes Castings was formerly a portfolio company of Republic Financial Corporation, a Denver-based private investment company. Republic Financial Corporation engaged BGL to manage the sale processes due to its extensive experience in the casting industry and ability to effectively manage a competitive global auction process.
“BGL’s knowledge of the industry and relationships with key global players allowed them to identify potential buyers most likely to value the company’s strong market position and capabilities. The team executed a highly professional and effective sale process, which yielded several interested parties and culminated in substantial value for all parties involved in the transaction,” said Tim Fischer, managing director of Republic Financial Corporation.
“BGL’s guidance throughout the entire process and in-depth understanding of the industry were instrumental in this successful transaction,” stated Rob Killips, CEO of Great Lakes Castings. “I am excited about our new partnership and the resources it will bring to help guide Great Lakes Castings through the next phase of the company’s storied history.”
“We are pleased to have assisted Great Lakes Castings and Republic Financial Corporation in achieving a strong outcome and believe that we found an excellent partner for the company,” commented Scott Berlin, managing director and head of BGL’s Metals Practice.
Scott Berlin and Matt Beesley led the BGL transaction team.