NEW YORK, May 30, 2019 /PRNewswire/ -- Funds managed by Crestview Partners ("Crestview") announced today that they have completed the acquisition of Concours Mold Inc. ("Concours"). The acquisition of Concours is the first step in a strategy to invest $200 million of equity to acquire and integrate tooling and mold companies to create a global technological leader with differentiated software simulation, machine learning and 3D printing capabilities. Financial terms of the transaction were not disclosed.
Headquartered in Windsor, Ontario and with additional operations in Alabama and Mexico, Concours is a manufacturer of steel molds and tooling, primarily used in the production of plastic components for the automotive and consumer sectors. The company was founded in 1994 by Mark Goggin, and is one of the largest companies in its industry in North America. The Concours leadership team of Andy Aiton, Dennis Goggin and Kenny Goggin will remain with the company in their current capacities. Crestview is also recruiting additional members to the team to help execute on its strategy to create a global enterprise with market leading quality, speed and service.
"There is a compelling opportunity to create a global technology leader in the highly fragmented tooling and mold industry," said Alex Rose, Partner of Crestview and co-head of the firm's industrials investment vertical. "Identifying niche industries which have not yet seen the emergence of a global leader is a core focus of Crestview's industrials investment strategy. We are excited to partner with the team at Concours to help accelerate the company's growth around the world and position the business for long-term success."
Jason Luo, Crestview Senior Advisor and former CEO of Ford China and Key Safety Systems (a former Crestview portfolio company), will serve as Executive Chairman of Concours. Mr. Luo will work closely with newly recruited CEO Tony Nardone, who previously worked with Luo and Crestview at Key Safety Systems, and the rest of the Concours management team to build out the platform. Mr. Luo said, "Concours is the first of many companies we hope to bring together to create a market leader with operations throughout North America, Europe and Asia. With increased scale and investment, we believe Concours can further develop its design, engineering and production capabilities to allow it to become a more value-added and solutions-oriented partner for its customers."
Tony Nardone added, "I'm thrilled to have the opportunity to work with Jason Luo and the team at Crestview again. I also look forward to working with the talented team at Concours, who is well known in the industry for their focus on quality and customer service. We will continue to build off of this strong reputation and market presence as we work together to transform Concours into the global technology leader it can and will be."
Andy Aiton, who will continue in his role as President of Concours, said, "On behalf of the team at Concours, I would like to thank Mark Goggin and the entire Goggin family for their leadership and support in establishing Concours as a leader in the production of steel molds in North America. We are excited to work with the team at Crestview as well as Jason Luo and Tony Nardone as Concours takes this next step in the company's evolution."
Scotiabank acted as the financial advisor and Borden Ladner Gervais LLP and Holden & Moorhouse Professional Corporation acted as legal advisors to Concours. Gibson, Dunn & Crutcher LLP and Stikeman Elliott LLP served as legal advisors to Crestview.
Founded in 1994, Concours designs, manufacturers and repairs tools and molds for its customers. Concours is headquartered in Windsor, Ontario and has additional manufacturing and services facilities in Alabama and Mexico. The Company's geographic footprint provides a strong presence in the key areas of North America to serve the major Original Equipment Manufacturer ("OEM") automotive companies and their Tier 1 automotive suppliers. For more information, please visit www.concoursmold.com.
Founded in 2004, Crestview is a value-oriented private equity firm focused on the middle market. The firm is based in New York and manages funds with approximately $9 billion of aggregate capital commitments. The firm is led by a group of partners who have complementary experience and distinguished backgrounds in private equity, finance, operations and management. Crestview has senior investment professionals focused on sourcing and managing investments in each of the specialty areas of the firm: industrials, media, energy and financial services. For more information, please visit www.crestview.com.
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SOURCE Crestview Partners