Grede Holdings LLC has been acquired by American Securities LLC, a U.S. private equity firm, in a partnership with the foundry group’s management team. The value and other terms of the transaction were not detailed.

New York-based American Securities and its affiliates have more than $10 billion under management via six active funds.

“Grede is another example of our focus on identifying superior market-leading businesses,” stated Kevin S. Penn, managing director at American Securities. “We are excited to partner with Grede’s exceptional management team, and believe the company’s operational excellence positions it well to benefit from continued growth in the auto and construction markets.”

The seller is Wayzata Investment Partners LLC, the investment firm that acquired Grede Foundries in a 2009 bankruptcy auction, and later merged it with Citation Corporation to form the current organization.

Grede has 17 plants in the U.S. and Mexico, where it manufactures gray and ductile iron castings, and specialty ferrous products like high-silicon molybdenum iron castings. Its capabilities include lost foam casting.

Grede’s produces “safety-critical chassis, suspension and drivetrain components” for automotive markets, engine and chassis parts for heavy-duty trucks, and large axle housings and other drivetrain components for heavy equipment and agriculture markets.

The group has approximately 4,700 employees, according to the new owners.

“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,” said CEO Douglas Grimm.

“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,” Grimm added