NEW YORK – September 1, 2015 – American Industrial Partners (“AIP”), a middle-market private equity firm focused on acquiring and improving North American-headquartered industrial businesses, announces the sale of Carlstar Belts, a division of The Carlstar Group, to The Timken Company (NYSE: TKR).
The business, a leading North American manufacturer of belts used in industrial, commercial and consumer applications, markets well-recognized brands including Carlisle®, Ultimax® and Panther®, among others. Carlstar Belts, headquartered in Springfield, Mo., has approximately 750 employees and two U.S. manufacturing facilities. The product portfolio features more than 20,000 parts engineered for demanding applications and includes wrap molded, raw edge, v-ribbed and synchronous belt designs.
Financial terms were not disclosed.
About American Industrial Partners
American Industrial Partners (“AIP”) is an operationally oriented middle-market private equity firm that makes control investments in North American-based industrial businesses serving domestic and global markets. The Firm has deep roots in the industrial economy and has been active in private equity investing since 1989. To date, AIP has completed over 50 transactions and is currently managing more than $1.1 billion in equity capital. AIP invests in all forms of corporate divestitures, management buyouts, recapitalizations, and going-private transactions of established businesses with revenues of $100 million $1 billion.
For more information about American Industrial Partners, contact:
Ben DeRosa, Partner
212-627-2360, extension 200