June 4, 2014 11:40 AM, EDT

Grede Acquired by Equity Firm

Pete Prodoehl/Flickr

Trucking component manufacturer Grede Holdings said it has been sold to private equity firm American Securities. Terms were not disclosed.

Grede, based in Southfield, Michigan, operates 14 foundries and three machining operations in North America. It supplies engine and chassis components for heavy-duty truck engines as well as large axle housings and other drivetrain components for heavy equipment and agriculture markets.

The company had been majority owned by a private investment fund managed by Wayzata Investment Partners.

“Grede has established a successful track record highlighted by strong revenue growth, best-in-class operations, reputation for quality and reliability, and our long-standing customer relationships,” Grede CEO Doug Grimm said. “For the next chapter in the Company’s evolution, we look forward to partnering with American Securities to continue to expand our business and serve our customers.”

American Securities, based in New York, said its affiliates have more than $10 billion under management.