Transaction
Quarton International is pleased to announce that Parthenon Metal Works (“Parthenon,” or the “Company”), a division of Leggett & Platt, Inc. (“Leggett & Platt”), has been acquired by Crowne Group, LLC (“Crowne”). Parthenon is a vertically integrated manufacturer of electric resistance welded steel tubing and first stage tubular fabrications. Quarton International acted as the exclusive financial advisor to Leggett & Platt in the divestiture of Parthenon.
Client
Leggett & Platt (NYSE: LEG), headquartered in Carthage, Missouri, is a 132 year-old diversified manufacturer that designs and produces engineered products found in most homes and automobiles. Leggett & Platt is comprised of 18 business units, 20,000 employee-partners, and 130 manufacturing facilities located in 19 countries. Leggett & Platt is the leading U.S. manufacturer of: a) components for residential furniture and bedding; b) carpet cushion; c) adjustable bed bases; d) work furniture and components; e) drawn steel wire; f) automotive seat support & lumbar systems; and g) bedding industry machinery.
Buyer
Crowne Group, headquartered in Cleveland, Ohio, is a leading manufacturer and distributor of both aftermarket and OEM component parts for the automotive and other industrial equipment markets. Crowne serves numerous leading customers in both the aftermarket and original equipment markets including mass retail, distributors, OEM and Tier 1 manufacturers. Crowne employs approximately 4,000 people, operates ten manufacturing facilities in North America and three international manufacturing and assembly facilities.
Parthenon Metal Works, headquartered in LaVergne, Tennessee, with a second manufacturing facility in Nashville, Tennessee, is a leading manufacturer of electric resistance welded steel tubing and first stage tubular fabrications for automotive, general industrial, furniture and fixture and other niche applications. Parthenon’s products are available in a wide range of shapes and diameters and are manufactured from material types ranging from commercial grade steel to high strength alloys. The Company operates from over 375,000 square feet of manufacturing space.
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