Industrial Opportunity Partners (IOP), an operations-focused private equity firm based in Evanston, Ill., has announced it has partnered with the current management team and owners of Monroe Truck Equipment, Inc. in an investment to support a recapitalization of the business. Terms of the transaction were not disclosed.
Monroe is a designer, manufacturer, distributor and installer/upfitter of specialized truck equipment for the municipal and commercial markets. Monroe specializes in snow- and ice-related equipment for heavy-duty, medium-duty and light-duty vehicles, with primary products, which include snow plows and hitches, salt spreaders, and various truck bodies.
The Company will remain based in Monroe, Wis., with additional installation facilities in Marshfield, Wis.; DePere, Wis.; Flint, Mich.; Joliet, Ill.; and Louisville, Ky. Monroe’s six facilities have more than 400,000 square feet and nearly 600 employees.
IOP is partnering in its investment with Dave Quade, Rick Rufenacht and Greg Krahenbuhl, industry veterans who average 35 years of experience with the company and all of whom will retain significant ownership interests and remain in their current management roles, according to the companies. IOP Operating Principal Andy Weller will assume the role of Chairman. Weller, who has significant experience with companies serving the commercial vehicle market and with similar manufacturing operations to Monroe, is a member of IOP’s Board of Operating Principals, which is comprised of seasoned executives who provide leadership to the businesses in which IOP invests.
Monroe represents IOP's seventh platform investment in Industrial Opportunity Partners II, L.P.
Quetico Partners, LLC represented the shareholders of Monroe Truck Equipment, Inc. PNC Business Credit, Fifth Third Bank and Norwest Mezzanine Partners provided financing for the acquisition. Winston & Strawn LLP provided legal representation to IOP in the transaction.