Private equity firm the Watermill Group has purchased Quality Metalcraft Inc., after selling Global Tubes in May.
Quality Metalcraft, headquartered in Livonia, Michigan, makes engineered structural metal parts for the automotive and specialty vehicle industries. Terms of the deal were not disclosed.
The deal comes during a busy time for car-related M&A, as sales of new and used cars grow globally. On July 1, Highlander Partners LP closed a deal for Valvoline's care-care product assets from Ashland Inc. (NYSE: ASH), and before that, in June, Clearlake Capital Group picked up car interior manufacturing business CNI Enterprises Inc.
For Lexington, Massachusetts-based Watermill, the deal follows the $200 million sale of metal tubing manufacturer Global Tubes in May, and acquisition of Mountain Molding LLC, an injection molding company. The firm targets investments in manufacturing companies that have between $40 million and $500 million in revenues. For more on manufacturing deals, see Mergers & Acquisitions video interview with Watermill's John Carr, below.
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Corrected July 6, 2015 at 1:43PM: 3680828519001