KPS Completes Sale of All Investments in KPS Special Situations Fund III, LP and KPS Special Situations Fund III (Supplemental), LP

New York, NY (November 5, 2019) -- KPS Capital Partners, LP (“KPS”) announced today it has sold Crenlo Cab Products, LLC (together with its Emcor and Siac do Brasil affiliates, “Crenlo”) to Angeles Equity Partners, LLC.

KPS created International Equipment Solutions, LLC (“IES”) in 2011 to acquire Crenlo, along with Paladin, Pengo and Genesis from Dover Corporation.  Following the sale of Crenlo, KPS has now sold all business units of IES.  KPS sold IES’ Attachments division (including Paladin and Pengo) to Stanley Black & Decker in March 2019.  KPS sold Genesis to NPK Construction Equipment in May 2019.   

Raquel Palmer, a Managing Partner of KPS, said, “We congratulate and thank the Crenlo management team for their impressive execution. We are proud to have partnered with IES’ Chief Executive Officer Steve Andrews and Chief Financial Officer Steve Klyn in Crenlo’s incredible transformation from a non-core division of a large corporation into a highly profitable and thriving standalone company.” 

Ms. Palmer added, “KPS has sold all its investments in KPS Special Situations Fund III, LP (“Fund III”) and KPS Special Situations Fund III (Supplemental), LP (“Fund IIIS”), together (“Fund III / IIIS”) with this sale.  We are very proud of our Fund III / IIIS investment campaign and its success.”

Paul, Weiss, Rifkind, Wharton and Garrison LLP served as legal counsel and Lincoln International served as exclusive financial advisor to KPS and Crenlo with respect to the transaction.

About Crenlo

Crenlo is a leading independent manufacturer of operator cabs, locomotive sub-assemblies, electronic enclosures and other complex fabrications in North America and South America.  Headquartered in Rochester, Minnesota, Crenlo operates manufacturing facilities in the United States and Brazil.  For more information, please visit www.crenlo.com.