— KPS Will Continue To Own Crenlo Global
KPS Capital Partners (“KPS”) announced today it has sold Genesis Attachments, LLC (“Genesis”) to NPK Construction Equipment, Inc. KPS will continue to own Crenlo, Emcor and Siac do Brasil (collectively, “Crenlo Global”). Crenlo Global will continue to be led by Chief Executive Officer Steve Andrews and Chief Financial Officer Steve Klyn.
Raquel Palmer, a Managing Partner of KPS, said, “We congratulate and thank the Genesis management team for their impressive execution. We are very proud to have been their partner in Genesis’ incredible transformation. We remain committed to providing Crenlo Global with capital and resources to continue delivering products of unparalleled quality, with industry-leading technology and world-class customer service.”
Paul, Weiss, Rifkind, Wharton and Garrison LLP served as legal counsel and Deutsche Bank served as exclusive financial advisor to KPS and Genesis with respect to the transaction.
KPS created International Equipment Solutions (“IES”) in 2011 to acquire Genesis, along with Paladin, Pengo, Crenlo and Emcor. KPS sold IES’ Attachments division (Paladin and Pengo) to Stanley Black & Decker in March 2019.
About Genesis
Genesis is a global leading producer of high-quality hydraulic mobile shears, specialty demolition attachment tools, grapples, concrete processors and associated aftermarket parts. Headquartered in Superior, Wisconsin, Genesis operates one manufacturing facility and one assembly and distribution facility with approximately 130 associates worldwide.
