Aarrowcast Inc. sold to Charter Manufacturing
Industrial Opportunity Partners has sold AFS Corporate Member Aarrowcast Inc. to Charter Manufacturing, a producer of carbon-steel bar, rod, and wire products headquartered in Mequon, Wisconsin. Terms of the sale were not disclosed.
Aarrowcast, based in Shawano, Wisconsin, produces 50,000 tons of gray and ductile iron castings per year for agricultural equipment manufacturers, government and defense contractors, heavy truck and industrial equipment builders, pumps and valves, compressors, and railroad products. The company employs 290 people and has an annual revenue of over $100 million, according to media reports.
Charter Manufacturing is a $1.4 billion, fourth-generation family-owned company with four operating businesses: steel, wire, automotive, and AFS Corporate Member Dura-Bar. Its customers include major automakers, automotive suppliers, off-highway equipment manufacturers, and General Electric.
Randy Brull, president and CEO of Aarrowcast, will retain his position and will report to Charter Manufacturing President and Chief Operating Officer Bob Venable.