Grede Sold to Private Equity Firm

Diversified iron-castings maker Grede Holdings LLC in Southfield, Mich., has been acquired by New York City-based American Securities LLC. Terms were not disclosed.

Grede CEO Doug Grimm describes the sale as a partnership that will help the company expand.

Grede is a $1 billion company with 17 facilities in North America that supplies ductile gray and specialty iron axle, chassis and suspension castings to the auto, heavy truck and agricultural equipment markets.

The company was created in 2010 from the combination of Grede Foundries, Blackhawk Foundry and Citation Corp. It was majority owned by a private investment fund managed by Wayzata Investment Partners LLC. American Securities is a 67-year-old firm that invests in North American companies with annual revenue of $500 million to $2 billion.