USA: Private equity firm Stellex Capital Management has reached a definitive agreement to acquire rail and industrial cast, forged and machined product manufacturer McConway & Torley and axle maker Standard Forged Products from Arcosa.
The transaction is expected to close in Q3 this year.
Stellex sees ‘tremendous potential’ in the capabilities of the companies and is committed to investing in their future, Stellex Managing Director Michael Livanos said on August 5. ’This acquisition aligns with our strategy of applying operational expertise in an effort to drive growth in critical manufacturing sectors.’
Proskauer Rose acted as legal counsel for Stellex. Gibson, Dunn & Crutcher acted as legal counsel and Evercore as financial adviser to Arcosa.
