Cleveland, Ohio-based private equity firm Resilience Capital Partners announced Thursday that it has sold Steel Parts Manufacturing, a metal stampings manufacturer, to Monomoy Capital Partners.
Resilience has said that the sale of Steel Parts generates gross returns 4.7 times over the initial investment. Resilience acquired Steel Parts in December 2006 in a bankruptcy sale.
CEO and Resilience Operating Partner Bob Potokar commented, "We are proud of what we have accomplished together with Resilience. Together we devised and implemented a number of operational and strategic initiatives that positioned Steel Parts not only for a successful emergence from bankruptcy, but created a business nimble enough to navigate through the most challenging conditions in the history of the automotive industry."