7/28/2014 11:19:00 AM
HEADLINES
Continental/Midland Acquired By NY Equity Fund; David Kaminski to Remain CEO
A History of Continental/Midland
February 24, 2004 FIN – When Robert Kaminski decided to retire in 2001 the 65-year old had a well-earned break ahead of him. He’d grown his fastener company, Continental/Midland, from annual revenue of $20 million to $85 million. Along the way he’d transformed the manufacturer from a company losing about $5 million each year to a “very profitable business.”
Then in 1999 Kaminski sold Continental/Midland to Cordant Technologies in a deal he thought would expand his company further. But a year later Cordant was acquired by Alcoa Inc., and soon Kaminski witnessed a series of troubling consolidations that were leading to a potential business “disaster.”
Click here to read the rest of the story in Fastener History.
Continental-Midland Group, LLC and Tiffin Holdings, LLC have been acquired by Monomoy Capital Partners, a New York private equity fund, for an undisclosed sum.
Continental-Midland has been owned and operated by the Kaminski family for the past 10 years.
Park Forest, IL-based Continental-Midland is a $240 million manufacturer of custom-engineered metal fasteners, cold formed parts and stampings for car makers, automotive suppliers, and industrial manufacturers. CMG markets its products, which include safety-critical seat belt fasteners, automobile door strikers and wheel nuts, under the trade names Continental/Midland, Jacobson, Tiffin, MSD Stamping and Minuteman Distribution.
Continental-Midland operates six facilities in Illinois, Indiana, Ohio and Michigan and employs 650 workers. Web: contmid.com
“Under the leadership of the Kaminski family, the company has built a leading automotive and industrial supplier with an impressive customer list, a strong asset base and industry-leading sales growth over the past five years,” stated Monomoy VP Jaime McKenzie.
David Kaminski will remain with the company as CEO.
“Monomoy has a great track record in the automotive industry, and we are convinced that the Monomoy team is the right group to take CMG to the next level of excellence for our customers, suppliers and employees,” stated Kaminski.
Monomoy, which has closed 43 acquisitions in the past five years, acquired Continental-Midland through its second fund vehicle, Monomoy Capital Partners II, L.P. Monomoy portfolio companies generate over $1.2 billion in combined sales and employ more than 6,000 people across four continents. Web: mcpfunds.com
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