NEW YORK, July 9, 2019 – One Rock Capital Partners, LLC ("One Rock"), today announced that one of its affiliates has entered into a definitive agreement to acquire the Engineered Components & Systems ("EC&S" or the "Company") segment (excluding Cortland U.S.) from Actuant Corporation ("Actuant"). The transaction is expected to close during the fourth quarter of 2019.
Headquartered in Menomonee Falls, Wisconsin, Engineered Components & Systems is a global company serving the agriculture, specialty and commercial vehicle, construction and other industrial end-markets with motion, actuation and control solutions. EC&S primarily serves on and off-highway OEMs with highly engineered system-critical motion, actuation and control solutions under brands that include CrossControl, Maximatecc, Elliott Manufacturing, Gits Manufacturing, Power-Packer and Weasler Engineering. The Company has 13 manufacturing facilities and six engineering centers, with approximately 190 engineers in multiple geographies. EC&S sells its products to numerous end-markets internationally.
Tony W. Lee, Managing Partner of One Rock, commented, "EC&S's innovative solutions are relied upon on by diverse end-users across the globe, and we intend to build upon the Company's strong foundation by creating a standalone business positioned for growth." Managing Partner R. Scott Spielvogel added, "In drawing upon One Rock's significant corporate carve out experience, our goal is to expand EC&S's service offerings and bolster its valued customer relationships. We look forward to working together with management and our Operating Partners to advance operational best practices and maximize the Company's potential."
"We are pleased to partner with One Rock as EC&S enters the next phase of its evolution. With support from One Rock and their strategic resources, we are excited to become a standalone business dedicated to enhancing our capabilities in support of our customers worldwide," said Roger Roundhouse, Executive Vice President, Engineered Components & Systems at Actuant, who will become CEO of the EC&S business following its carve-out.
Debevoise & Plimpton LLP is acting as legal counsel to One Rock with respect to the transaction.
ABOUT ONE ROCK CAPITAL PARTNERS, LLC
One Rock makes controlling investments in companies with potential for growth and operational improvement using a rigorous approach that utilizes highly experienced. Operating Partners to identify, acquire and enhance businesses in select industries. The involvement of these Operating Partners affords One Rock the ability to conduct due diligence and consummate acquisitions and investments in all types of situations, regardless of complexity. One Rock works collaboratively with company management and its Operating Partners to develop a comprehensive business plan focused on growing the enterprise and its profitability to enhance long-term value. For more information, visit www.onerockcapital.com.
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