Crenlo do Brasil Business Sold to JOST Werke SE
Los Angeles and Rochest, Minn. – August 30, 2023 – Crenlo Engineered Cabs (“Crenlo”), a manufacturer of engineered operator cabs and roll over protective structures for heavy equipment and off-highway vehicles and a portfolio company managed by Angeles Equity Partners, LLC (“Angeles”), today announced the sale of Taxi Brazil Holdings, B.V., which holds its Brazilian division, Crenlo do Brasil, to an affiliate of JOST Werke SE (“JOST”). The sale of Crenlo do Brasil enables Crenlo to fully dedicate its resources toward the manufacturing of engineered cabs and attachments for off-highway vehicle original equipment manufacturers (“OEMs”) in North America.
“This transaction supports our strategic focus on the North American off-highway vehicle space and aligns Crenlo do Brasil with a global manufacturer and supplier of safety related systems for the commercial vehicle industry,” said Frank Spelman, managing director of Angeles Equity Partners, and Adam Lerner, operating partner of Angeles Operations Group. “We believe a great future lies ahead for Crenlo with its streamlined focus on North American operations.”
Headquartered in Guaranésia, Minas Gerais, Crenlo do Brasil manufactures value-added engineered operator cabs and attachment fabrications used in a variety of off-highway vehicle markets.
“Crenlo remains committed to investing in our capabilities to deliver the most compelling value proposition to off-highway vehicle OEMs. We congratulate the Crenlo do Brasil leadership team for their outstanding contributions to the Crenlo group, and believe they will continue to have great success alongside JOST,” said John Lenga, CEO of Crenlo.
Lincoln International LLC and Honigman LLP served as financial and legal advisors, respectively, to Crenlo in the transaction.
About Angeles Equity Partners, LLC
Angeles Equity Partners, LLC is a specialist lower middle-market private equity investment firm with a consistent approach to transforming underperforming industrial companies. In partnership with Angeles Operations Group, LLC, the Angeles skill set drives the firm’s investment philosophy and, in its view, can help businesses reach their full potential. Learn more online at www.angelesequity.com.
About Crenlo Engineered Cabs
Crenlo Engineered Cabs was formed by the merger of Crenlo Cab Products and Worthington Industries Engineered Cabs. Crenlo manufactures engineered operator cabs, roll over protective structures, locomotive sub-assemblies, and custom complex fabrications in North America. Since 1951, facilities in Minnesota, South Dakota, and Tennessee have been serving heavy equipment and off-highway vehicle original equipment manufacturers. Learn more online at www.engineeredcabs.com.