Industrial Opportunity Partners, an operations-focused private equity firm based in Evanston, Ill., announced the strategic acquisition of the assets of Towmaster, Inc. by IOP platform company Monroe Truck Equipment, Inc. Monroe is a designer, manufacturer, distributor and installer/upfitter of truck equipment for the municipal and commercial markets, specializing in snow and ice-related equipment for heavy-duty, medium-duty, and light-duty vehicles.

Based in Litchfield, Minn., Towmaster is both a designer and manufacturer of low‐bed, heavy-duty utility and industrial trailers and a manufacturer and upfitter of dump bodies and snow/ice removal equipment for trucks. Towmaster's trailer division serves customers in the construction, landscaping, agricultural, and other end-markets with large equipment applications. The truck division is a supplier of truck dump bodies, snow removal and sanding equipment, mounts, hoists, and various other truck-equipment primarily to municipal customers.

Monroe will now have seven facilities throughout the Midwest, including locations in Monroe, Wis.; Marshfield, Wis.; DePere, Wis.; Flint, Mich.; Joliet, Ill.; Louisville, Ky,; and Litchfield, Minn. In total, Monroe's facilities span more than 550,000 square feet and have approximately 800 employees.

Rice & Associates acted as financial advisor to the seller. Freeport Financial Partners LLC provided financing, while Winston & Strawn LLP provided legal representation to IOP in the transaction.