Webster Industries manufactures engineered chain and sprockets. (Image: PRNewsfoto/MPE Partners)
CLEVELAND and BOSTON—MPE Partners, along with its portfolio company Webster Industries, recently closed its acquisition of Renold plc, according to a release from MPE Partners.
Renold is a prominent designer, engineer, manufacturer, and supplier of premium, high specification industrial chain and torque transmission products. The company supplies a diverse base of global customers in more than 100 countries across a broad range of industrial power transmission applications. Its manufacturing facilities are located across North America, Europe, and Asia-Pacific, MPE Partners said in the release.
“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 release stated.
MPE partners called the combination of Webster and Renold a “transformative” one that 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 is said to represent 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, according to the release.
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 served 20 years as the CEO of Form Technologies (formerly known as 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 Newman for over 15 years.
“We are incredibly enthusiastic about combining the Webster and Renold businesses in this significant transaction,” Newman said in a statement. “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 CEO Robert Purcell, and CFO Jim Haughey, jointly stated that the partnership “strengthens each business and creates a strong global platform to advance strategic priorities” and enhance the value delivered to customers, employees, and other stakeholders.
“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,” they stated in the release. “We look forward to working alongside MPE to execute our strategic vision of building the global market leader known for engineering quality and innovation.”
Webster Industries, founded in 1876 and headquartered in Tiffin, Ohio, is a manufacturer of engineered class chain, engineered class sprockets, and vibratory equipment for material handling and power transmission applications. In addition, Webster provides refurbishment services and aftermarket power transmission parts for leveling and conveyance equipment.
The company serves OEMs and systems integrators, power transmission distributors, and end users across a diverse set of industrial end markets, including forest products, grain/agriculture, steel, recycling, and aggregates. Webster operates from facilities in Brighton, Michigan, Meridian, Mississippi, Newberg, Oregon, and Tiffin, Ohio. It goes to market under the Webster, Action, and Allor brand names.
MPE Partners stated that it “seeks to be the preferred partner for entrepreneur- and family-owned companies.” Based in Cleveland, Ohio, and Boston, Massachusetts, MPE invests in profitable, lower middle market companies with EBITDA between $8 million and $40 million. The firm has two primary target investment areas: high-value manufacturing and commercial & industrial services.