Angeles Equity Partners LLC, a Los Angeles private investment firm, has acquired Worthington Industries Engineered Cabs from Worthington Industries and Crenlo Cab Products LLC, with its Emcor and Siac do Brasil affiliates, from KPS Capital Partners LP. Angeles is merging Crenlo and WIEC to drive growth through improved manufacturing scale and capabilities, better geographic reach and broader product portfolio applications.
The combined business will be majority owned and controlled by Angeles, with Worthington Industries retaining a minority ownership position as part of its cashless transaction with Angeles.
Worthington Industries Engineered Cabs designs and manufactures “Made in America” custom engineered cabs in South Dakota and Tennessee. Crenlo designs and manufactures engineered cabs in Minnesota and through its wholly owned Siac do Brasil subsidiary in South America. Crenlo’s Emcor® division provides server cabinets, enclosures and consoles engineered to protect sensitive electronic equipment in the commercial enterprise and defense sectors in North America.
Angeles believes the combined company is well positioned to provide value-added engineering, complex fabrication, manufacturing speed and exceptional service to leading manufacturing customers.
Worthington Industries is a global diversified metals manufacturing company with 2019 fiscal year sales of $3.8 billion. Headquartered in Columbus, Worthington employs approximately 10,500 people and operates 70 facilities in seven countries.
Lincoln International and Paul, Weiss served as financial and legal advisors, respectively, to Crenlo and KPS in the transaction. Worthington was advised by Cowen and Vorys. Honigman served as legal advisor to Angeles.