Proterial, parent company of AFS Corporate Member Waupaca Foundry Inc., has signed a definitive agreement to be acquired by Monomoy Capital Partners, a private investment firm based in New York City. Financial terms of the private transaction were not disclosed.

Waupaca Foundry will continue to operate under its current management team, led by President, CEO, and COO Michael Nikolai.

Headquartered in Wisconsin with operations dating back to 1871, Waupaca Foundry supplies gray and ductile iron to diverse markets using state-of-the-art processes and technology led by high-caliber people and processes. The company is a leading supplier of cast and machined iron castings for automotive, commercial vehicle, agriculture, construction, and other industrial markets. It has over 4,000 employees and operates five iron foundries with 1.4 million tons of capacity, making it one of the largest metal casting suppliers in the world.

“Waupaca Foundry is excited to start a new chapter with Monomoy, an experienced, operationally-focused investment group, to continue to invest and grow our commitment to our customers, suppliers, and employees,” said Nikolai. “The Waupaca leadership team looks forward to a bright future and the opportunities that can stem from this partnership.”

“In 2014, we partnered with Waupaca Foundry to further accelerate our global expansion. Since then, our successful collaboration resulted in the increased efficiency of manufacturing sites and raw material procurement in North America,” said Proterial Representative Director, Chairman, President, and CEO Sean Stack. “I would like to thank Mike, his team, and all the dedicated employees at Waupaca for their important contributions to the business and Proterial. We believe they will be in great hands with Monomoy and well-positioned for continued growth and success.”

“Waupaca Foundry has made tremendous advancements during its time with Proterial, and we are enthusiastic about building on that momentum as we establish our partnership with the Company,” said Monomoy Founding Partner and Co-CEO Dan Collin. “We look forward to working alongside Mike and the Waupaca team to leverage our operational resources to unlock continued growth.”

The transaction is expected to close in early 2024.