CLEVELAND, Dec. 4 /PRNewswire/ -- Resilience Capital Partners
(www.resiliencecapital.com), a Cleveland-based private equity firm, has
completed the acquisition of Steel Parts Corporation of Tipton, Indiana.
Steel Parts filed for chapter 11 bankruptcy protection on September 15,
2006. The new company will be known as Steel Parts Manufacturing, Inc.
Steel Parts is a leading manufacturer and supplier of high-volume,
close- tolerance precision metal stampings used primarily in automatic
transmission systems for automotive and light-truck applications.
"Steel Parts is an important supplier to both OEM's and Tier 1
manufacturers in the automotive and transportation sectors. We are grateful
to the customers, suppliers and employees for their dedication and support
throughout this process," said Bassem Mansour, a Managing Partner of
Resilience Capital Partners.
"The completion of this transaction marks a new day in the history of
Steel Parts. We believe that the company is well positioned to recover and
grow beyond levels that it had achieved in the past," said Steven Rosen, a
Managing Partner of Resilience Capital Partners.
About Resilience Capital Partners
Resilience Capital Partners is a private equity firm based in
Cleveland, Ohio focused on investing in underperforming and turnaround
situations. Resilience's investment strategy is to acquire lower middle
market companies that have solid fundamental business prospects, but have
suffered from a cyclical industry downturn, are under-capitalized, or have
less than adequate management resources. Resilience typically acquires
companies with revenues of $25 million to $250 million. Resilience manages
two private equity funds with capital under management of over $75 million.
Since its inception in 2001, Resilience has acquired 12 companies with
revenues in excess of $650 million.
Resilience Capital Partners
25201 Chagrin Blvd., Suite 360
Beachwood, OH 44122
SOURCE Resilience Capital Partners