Norwest Mezzanine Partners Supports Industrial Opportunity Partners’ Investment in Monroe Truck Equipment
February 26, 2015
Minneapolis, Minnesota – Norwest Mezzanine Partners (NMP) has announced that it has invested subordinated debt and equity to support Industrial Opportunity Partners (IOP) and the company’s management team in their investment to support the recapitalization of Monroe Truck Equipment (MTE), a designer, manufacturer, and up-fitter of specialized truck equipment for the commercial and municipal markets, including the manufacturing of heavy duty snow plows for major city and state DOTs.
This is the second investment NMP has made with IOP. “We are thrilled to partner once again with IOP and the MTE management team, led by David Quade. NMP is committed to helping Monroe continue its growth in any way we can,” stated Carter Balfour, a NMP partner.
Founded in 1958 and headquartered in Monroe, Wisconsin, MTE has grown over the years from a one-man blacksmith to one of the largest companies of its kind. Operating six locations across Wisconsin, Illinois, Michigan, and Kentucky, MTE processes in excess of 18,000 trucks per year and employs nearly 600 people. In addition to worldwide distribution to dealers, fleets and end-users, MTE installs and paints truck equipment and pick-up truck accessories, as well as manufactures a complete line of Snow & Ice Control equipment.
Bob Vedra, Senior Managing Director and a Founding Principal of IOP, shared, “NMP facilitated a smooth and successful closing to an exciting new investment for IOP. We are happy to work with them again as we have found NMP to be a reliable partner and extremely efficient throughout the process.”
Please visit www.monroetruck.com to learn more.