Substantially all of the business, operations, and assets of General Products Corporation’s Angola, Ind. facility and the stock of its Mexican subsidiary based in San Luis Potosí, Mexico (“General Products”) have been acquired by AAA Sales & Engineering, Inc. (“AAASE”), a manufacturer of precision machined products for customers operating primarily in the agricultural equipment and off-highway vehicle markets. AAASE is a platform company of Industrial Opportunity Partners (“IOP”), an operations-focused private equity firm based in Evanston, Ill.
Founded in 1922, General Products is a manufacturer of precision machined products focused on drivetrain products for auto and heavy truck OEMs and Tier 1 suppliers with a reputation for its delivery and quality. Prior to the restructuring and transaction, the company operated facilities in Indiana, Kentucky, and Mexico with 325,000 total square feet and more than 130 CNC machining centers. The quality management system has been registered as conforming to the requirements of ISO/TS 16949.
AAASE, originally founded in 1968, provides high-precision production machining services for a variety of OEMs, handling projects from design and prototyping to finished product and post-production services. AAASE prides itself on its product quality, customer service and support, in-house design and engineering capabilities and operational excellence. AAASE now operates from three primary facilities in Oak Creek, Wis., Angola, Ind., and San Luis Potosi, Mexico and with approximately 200 employees.
Cascade Partners (BlueWater Partners) acted as the Chief Restructuring Officer and financial advisor, and Miller Johnson acted as the legal counsel to General Products for this transaction.
Update: BlueWater Partners has joined Cascade Partners. Read more here.