Monomoy Capital Acquires Astro Shapes
STRUTHERS, Ohio – Astro Shapes LLC, a longtime family-owned manufacturer of custom aluminum extrusions, has sold its business and operations to Monomoy Capital Partners, a private equity fund, according to an announcement Monday.
“We are excited to welcome Astro Shapes to the Monomoy portfolio,” Monomoy Co-CEO Dan Collin said in a statement. “Astro Shapes is a business we have admired and followed for years. We look forward to helping the Astro Shapes team build the business in the years ahead.”
Terms of the transaction were not disclosed.
Astro Shapes was established in 1971 by Bob Cene, Sr. and is today run by his son, Paul. The company today employs more than 700 at three facilities.
“With the help of Jim DiBacco and my brother, Bob Cene Jr., it is a privilege to have built upon and lead the business my father started almost 50 years ago, and I am confident that the company will enjoy a bright future under Monomoy’s ownership,” Paul Cene, president and CEO of Astro Shapes, said in a statement. “Monomoy’s focus on excellence and trusted relationships with customers and supply partners aligns perfectly with the culture at Astro Shapes. We look forward to working closely with Monomoy to build on Astro Shapes’ legacy and realize significant growth opportunities for the business.”
Over the past 50 years, Astro Shapes has evolved into a highly sophisticated operation that uses computerized extrusion presses capable of creating cutting-edge shapes from aluminum billets of six, seven and eight inches in diameter. The company creates value-added custom extrusions in over 14,000 unique shapes and sizes in painted, thermal, anodized and other finishes for recreational vehicles, residential windows and doors, commercial windows and doors, medical applications and capital equipment.
Among the legacies of the Cene family’s commitment to the Mahoning Valley is the development of three baseball diamonds – named Bob Cene Park – on former steel mill land near the company’s operations at 65 Main St. The complex is home to Youngstown Class B baseball League games and has hosted the National Amateur Baseball Federation World Series.
“We congratulate Paul Cene and his team for building a premier, market-leading business in aluminum extrusion,” said Jaime Forsyth, managing director at Monomoy. “Astro Shapes is a proven, highly-regarded supplier to a diverse customer base, a true partner with its suppliers and well-positioned for continued success in the future. Monomoy is excited to work with the Astro Shapes management team and to collaborate with the Company to drive long-term value for its customers, suppliers and employees.”
Representatives from Astro Shapes were not available for comment on Monday.
Monomoy Capital Partners is a private investment firm with $1.7 billion in committed capital that invests in middle-market businesses in the manufacturing, industrial, distribution and consumer products sectors. The firm invests in the equity or debt of middle-market businesses that can benefit from operational and financial improvement. Over the past 15 years, Monomoy has closed over 50 middle-market acquisitions in the manufacturing, distribution and consumer product sectors, according to the company.
Published by The Business Journal, Youngstown, Ohio.