The MPI Corporation has been sold. Headquartered in Michigan, and with a factory in Knox and three others in the country, MPI is one of the world’s leading manufacturers of automatic transmission products, supplying automotive original equipment manufacturers with clutch plates, separator plates, and backing plates.
A New York private equity fund focused on value investing and business improvement has acquired the assets of MPI from Revstone Industries, LLC. Mark Mitchell, the CEO of MPI, stated in a press release that Monomoy Capital Partners will provide MPI with the necessary resources and capital to expand and improve operations.
Monomoy is a firm that makes control equity investments in middle market businesses in the manufacturing, distribution, consumer product and food service industries. It implements customized business improvement programs in all portfolio companies that reduce operating expenses, increase profitability and profitable growth.
The terms of the transaction were not disclosed. It is expected to secure the 300 jobs that are currently at the Knox plant and may leave room for expansion.