Monomoy Capital Partners has acquired Shaw Development, a provider of emission control components.
Shaw Development is a designer, manufacturer and assembler of sensors, fluid management systems and other components used for the management of diesel exhaust fluids (DEF) which are used to reduce the amount of air pollution created by a diesel engine. Shaw’s products include production and aftermarket components such as reservoirs, filters, caps, and valves used by original equipment manufacturers in the construction, agricultural, heavy truck and industrial end markets. The company also sells non-DEF products, including components for diesel refueling systems
Shaw, with approximately 250 employees, has annual revenues of about $200 million and is headquartered near Fort Myers in Bonita Springs, Florida. The company, led by CEO Lane Morlock, is third-generation family-owned and was founded in 1959 by Frank Shaw. The buy of Shaw represents the 4th family-owned business acquired by Monomoy over the past 20 months.
New York City-based Monomoy makes control investments of debt and equity in companies with at least $150 million in sales, $15 million of EBITDA, and enterprise values of up to $500 million. Sectors of interest include manufacturing, industrial, distribution, and consumer products.
Monroe Capital was the sole lead arranger and administrative agent on a senior credit facility to support the acquisition of Shaw. Chicago-based Monroe was founded in 2004 and has additional offices in Atlanta, Boston, Los Angeles, New York, and San Francisco.
© 2020 Private Equity Professional | March 11, 2020
