M&A Deal Summary

Arrow Machine and Fabrication Group Acquires Kenona Industries

On April 27, 2023, Arrow Machine and Fabrication Group acquired automotive company Kenona Industries from Kensington Capital Partners

Acquisition Highlights
  • This is Arrow Machine and Fabrication Group’s 1st transaction in the Automotive sector.
  • This is Arrow Machine and Fabrication Group’s 1st transaction in the United States.
  • This is Arrow Machine and Fabrication Group’s 1st transaction in Michigan.

M&A Deal Summary
Date 2023-04-27
Target Kenona Industries
Sector Automotive
Buyer(s) Arrow Machine and Fabrication Group
Sellers(s) Kensington Capital Partners
Deal Type Add-on Acquisition

Target

Kenona Industries

Grand Rapids, Michigan, United States
Kenona Industries is a provider of high volume precision machining, providing components to the automotive industry’s leading Tier 1 manufacturers of steering, powertrain, NVH and exhaust assemblies. Although typically a Tier 2 or Tier 3 supplier, Kenona products are found in Ford, GM, Chrysler, Toyota, Honda, Nissan, Mitsubishi and Freightliner vehicles. Kenona Industries was founded in 1988 and is based in Grand Rapids, Michigan.

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Buyer(S) 1

Buyer

Arrow Machine and Fabrication Group

Guelph, Ontario, Canada
Category Company
Sector Manufacturing
DESCRIPTION

Arrow Machine and Fabrication Group is an engineering-focused solution provider supplying machined castings, fabrications, and assemblies to global OEM customers across multiple industries, including rail, material handling, mining, defense, heavy truck, agriculture, power systems, construction, nuclear, engineered products, architectural, automotive and forestry. Arrow Machine and Fabrication Group is based in Guelph, Ontario.

DEAL STATS #
Overall 1 of 1
Sector (Automotive) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (Michigan) 1 of 1
Country (United States) 1 of 1
Year (2023) 1 of 1

Seller(S) 1

SELLER

Kensington Capital Partners

Toronto, Ontario, Canada

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1996
PE ASSETS 2.8B CAD
Size Large
Type Sector Agnostic
DESCRIPTION

Kensington Capital Partners is a Canadian alternative asset manager focused on hedge funds, private equity, and infrastructure assets. Kensington makes private equity investments through its fund-of-funds and direct co-investment programs. Kensington Capital was formed in 1996 and is based in Toronto.

DEAL STATS #
Overall 7 of 8
Sector (Automotive) 1 of 1
Type (Add-on Acquisition) 5 of 5
State (Michigan) 1 of 1
Country (United States) 4 of 4
Year (2023) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-03 Resolute Health

Bedford, Nova Scotia, Canada

Resolute Health is a healthcare services business specializing in the testing and treatment of obstructive sleep apnea (“OSA”). Resolute Health was founded in 2005 and is based in Bedford, Nova Scotia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-09-18 Walker Glass

Montreal, Quebec, Canada

Walker Glass is a glass product company offers designs of etched and mirrored glass for commercial interior and exterior applications. Walker Glass is based in Montreal, Quebec.

Sell -
Mergr

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