MPE Partners (“MPE” or “Morgenthaler Private Equity”), along with its portfolio company Webster Industries (“Webster” or the “Company”), announced today the closing of its acquisition of Renold plc (“Renold”). Renold is a leading designer, engineer, manufacturer, and supplier of premium, high specification industrial chain and torque transmission products. With manufacturing facilities located across North America, Europe, and Asia-Pacific, Renold supplies a diverse base of global customers in over 100 countries across a broad range of industrial power transmission applications. Renold’s products are critical to end-users’ operating environments wherever materials are lifted, moved, rotated, or conveyed and are used in end markets such as manufactured products, material handling, construction, transportation, food and beverage, energy, forestry, and agriculture.
The transformative combination of Webster and Renold creates a market-leading chain and power transmission products platform with premium brands by expanding product offering, diversifying end markets and geographic footprint, and unlocking commercial opportunities. The acquisition represents a strategic step forward in Webster’s long-term vision to build the global leader in automation, material handling, and power transmission solutions. Following the acquisition, both Webster and Renold will continue to operate out of their current manufacturing facilities, with no changes to day-to-day business operations. The combined platform will be headquartered in the United States.
To support the Company through this next phase of growth, MPE recruited industry veteran Simon Newman to serve as Chief Executive Officer. Simon most recently served as the CEO of MW Components, a manufacturer of highly engineered springs, specialty fasteners, machined parts, and other precision metal components. Prior to MW Components, Simon spent twenty years as the CEO of Form Technologies (f/k/a Dynacast), a global group of companies specializing in advanced casting techniques to manufacture precision metal components for various industries. In addition, MPE recruited experienced executive Adrian Murphy to serve as Chief Financial Officer. Adrian previously served as CFO of Form Technologies, working closely with Simon for over fifteen years.
Simon stated, “We are incredibly enthusiastic about combining the Webster and Renold businesses in this significant transaction. Both companies have storied histories providing critical technologies that power and move the global industrial manufacturing sector. Together, we’re positioned to broaden our reach across key markets and product categories, ensuring we deliver comprehensive and high-performance solutions for our customers. On behalf of Adrian and myself, we are thrilled about joining Webster and Renold at such an exciting inflection point with the significant opportunities that lie ahead in partnership with MPE as well as with the talented teams at Webster and Renold.”
Renold’s CEO, Robert Purcell, and CFO, Jim Haughey, jointly commented, “This partnership strengthens each business and creates a strong global platform to advance strategic priorities and enhance the value we deliver to customers, employees, and other stakeholders. I’m proud of what the Renold organization has delivered and thank all our employees around the world for their deep commitment and contributions. Renold’s shared cultural values with Webster – excellence, continuous improvement, and resilience – will form the foundation for collaboration and long-term success as one company. We look forward to working alongside MPE to execute our strategic vision of building the global market leader known for engineering quality and innovation.”
Constantine Elefter, Partner at MPE and Chairman of the Board of Webster, further added, “We are thrilled to partner with Renold, which is a highly complementary business to Webster. This combination unites two industry-leading brands to create a global, scaled platform with significantly enhanced capabilities and commercial reach. We welcome Simon and Adrian to the organization, who are dynamic executives that have transformed global companies while fostering principles of high performance and strategic execution, including mergers and acquisitions. We also look forward to working closely with Robert, Jim, and the entire Renold and Webster teams to accelerate our organic and inorganic growth objectives.”
Ares Management served as lead arranger on the financing to support the transaction. Fidelity Direct Lending also provided financing to support the transaction. Jones Day served as legal advisor to MPE. Moelis & Company served as the lead financial advisor to MPE. J.P. Morgan Securities LLC and Carleton McKenna also served as financial advisors to MPE.
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