Evanston, Ill., November 18, 2021 – Industrial Opportunity Partners (“IOP”), an operations-focused private equity firm based in Evanston, Ill., today announced its portfolio company Monroe Truck Equipment (“Monroe” or the “Company”) reached an agreement to be acquired by Aebi Schmidt Group (“Aebi Schmidt”), a global leader in infrastructure and terrain maintenance solutions based in Switzerland. Monroe will continue to be led by existing management upon completion of the transaction, which is expected on or about the end of 2021 pending regulatory approval. Terms of the transaction were not disclosed.
Monroe, based in Monroe, Wis., is a North American manufacturer, upfitter and distributor of truck and trailer equipment for the municipal and commercial markets. IOP acquired Monroe in February 2015 through its $275 million second fund Industrial Opportunity Partners II, L.P.
IOP Operating Principal Andy Weller served as Monroe’s Chairman of the Board, providing strategic oversight of the Company during IOP’s investment period. Mr. Weller said, “At Monroe, we see ourselves as a team of problem solvers dedicated to helping our industry advance. That’s why we believe Aebi Schmidt is the best owner to take Monroe even further. Not only will there be a wealth of new business opportunities, but we also share common values and put our customers first. I’m convinced Monroe will be well-positioned to continue its track record of strong growth.”
Bob Vedra, Senior Managing Director of IOP, added, “We are excited for the combination of Monroe with Aebi Schmidt Group, and we believe that both businesses will benefit from the significant expansion in global footprint and product breadth. We would like to thank Monroe’s outstanding management team led by CEO Tom Ninneman and wish them continued success in the future.”
Monroe CEO Tom Ninneman remarked, “We have had tremendous success and a great partnership with IOP. Monroe is fortunate to combine forces with a global strategic partner in Aebi Schmidt with a similar business model and set of core values.”
About Monroe Truck Equipment
Monroe specializes in the design, manufacture, distribution and installation/upfitting of specialized truck equipment for the municipal and commercial markets. For more information about Monroe, visit www.monroetruck.com.
About Industrial Opportunity Partners
IOP, an Evanston, Ill.-based private equity firm with $910 million of committed capital since inception, is dedicated to creating value through investing in manufacturing and value-added distribution businesses with revenue between $30 million and $450 million. IOP focuses on businesses with strong product, customer, and market positions, and provides management and operational resources to support sales and earnings growth at its businesses. For more information, visit IOP’s website at www.iopfund.com.