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Monomoy Capital Partners to Acquire Leading Global Iron Casting Supplier Waupaca Foundry

Proterial, Ltd. (“Proterial”), a leading international producer of
high-performance materials for mobility, industrial infrastructure, and
electronics, announced the signing of a definitive agreement for Monomoy
Capital Partners (“Monomoy”) to acquire Waupaca Foundry, Inc. (“Waupaca
Foundry” or the “Company”), North America’s leading supplier of cast and
machined iron castings. Waupaca Foundry will continue to operate under its
current management team, led by President, CEO, and COO Michael Nikolai.
Financial terms of the private transaction were not disclosed.

Headquartered in Wisconsin with operations dating back to 1871, Waupaca
Foundry supplies gray and ductile iron to diverse markets using
state-of-the-art processes and technology led by high-caliber people and
processes. Waupaca Foundry is the leading supplier of cast and machined iron
castings for automotive, commercial vehicle, agriculture, construction, and
other industrial markets. The Company has over 4,000 employees and operates
five iron foundries with 1.4 million tons of capacity, making it one of the
largest metal casting suppliers globally.

“Waupaca Foundry is excited to start a new chapter with Monomoy, an
experienced, operationally-focused investment group, to continue to invest
and grow our commitment to our customers, suppliers, and employees. The
Waupaca leadership team looks forward to a bright future and the
opportunities that can stem from this partnership,” said Nikolai. “We are
thankful for Proterial’s support and welcome the resources and partnership
Monomoy will bring. Together, we will focus on capitalizing on opportunities
to expand and grow the business in a wide range of sectors in the Americas,
including the automotive, industrial machinery, agricultural machinery, and
construction machinery sectors, while building upon our legacy of success.”

“In 2014, we partnered with Waupaca Foundry to further accelerate our global
expansion. Since then, our successful collaboration resulted in the
increased efficiency of manufacturing sites and raw material procurement in
North America,” said Proterial Representative Director, Chairman, President,
and CEO Sean Stack. “I would like to thank Mike, his team, and all the
dedicated employees at Waupaca for their important contributions to the
business and Proterial. We believe they will be in great hands with Monomoy
and well-positioned for continued growth and success.”

“Waupaca Foundry has made tremendous advancements during its time with
Proterial, and we are enthusiastic about building on that momentum as we
establish our partnership with the Company,” said Monomoy Founding Partner
and Co-CEO Dan Collin. “We look forward to working alongside Mike and the
Waupaca team to leverage our operational resources to unlock continued
growth.”

The transaction is expected to close in early 2024 and is subject to
customary closing conditions.  BMO Capital Markets Corp. provided debt
financing for the transaction.

BMO Capital Markets Corp. served as exclusive financial advisor to Monomoy
with respect to the transaction while Kirkland & Ellis LLP provided legal
counsel.  JPMorgan Securities LLC and Moelis & Company LLC served as
financial advisors and Ropes & Gray LLP served as legal counsel to Waupaca
Foundry.

About Proterial, Ltd.
Proterial, Ltd. is a leading global material manufacturer with highly
competitive core capabilities and technologies for high-performance
materials. With the world’s top-quality products in its portfolio, Proterial
engages in a broad range of businesses in markets related to aerospace,
industrial infrastructure, automotive, and electronics through our business
units, including specialty steel, rolls, automotive casting, piping
components, magnetic materials, power electronics materials, electric wire &
cable, and automotive components.

Originally founded in 1910 and headquartered in Tokyo with offices, plants
and R&D facilities across Japan, North America, Europe, China, and Asia,
Proterial had sales of approximately 1 trillion yen and approximately 27,000
employees in FY2022. For more information, visit
https://www.proterial.com/e/

About Waupaca Foundry, Inc.
Waupaca Foundry, Inc., North America’s leading supplier of iron castings to
the automotive, commercial vehicle, agriculture, construction, and
industrial markets, produces gray iron castings, ductile iron castings, and
austempered ductile iron castings using state-of-the-art processes and
technology. The manufacturer also specializes in precision machining and
assembly. Waupaca Foundry is headquartered in Waupaca, Wisconsin and
operates six iron foundries in Waupaca, Wisconsin, Marinette, Wisconsin, and
Tell City, Indiana. The company operates machining and assembly in Waupaca,
Wisconsin. Waupaca employs approximately 4,000 people. For more information,
visit www.waupacafoundry.com.

About Monomoy Capital Partners
Monomoy Capital Partners is a private investment firm with $3 billion in
assets under management across a family of investment funds. Monomoy invests
in the equity and debt of middle-market businesses that can benefit from
operational and financial improvement with a focus on manufacturing and
distribution businesses across industrial and consumer product sectors in
North America and Europe. For further information concerning Monomoy and its
portfolio companies

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