Private-equity owner said to weigh $3.5 billion sale of former Masco unit Cabinetworks
Kiel Porter
Ann Arbor-based Cabinetworks brands include Merillat Cabinetry.
Private equity firm American Industrial Partners is considering a sale of Cabinetworks Group that could value the building products company at about $3.5 billion, according to people familiar with the matter.
New York-based AIP is working with advisers on strategic options for Cabinetworks, including a potential sale, said the people, who asked not to be identified because they weren t authorized to speak publicly. The business is expected to attract interest from other private equity firms and industry peers, the people said.
Prime Movers Lab raises $245 million for second fund to invest in early stage science startups
After revealing its first fund just last year, a $100 million pool of investment capital dedicated to early stage startups focusing on sustainable food development, clean energy, health innovation and new space technologies, Prime Movers Lab is back with a second fund. Prime Movers Lab Fund II is larger, with $245 million committed, but it will pursue the same investment strategy, albeit with a plan to place more bets on more companies, with an expanded investment team to help manage the funds and portfolio.
“There are a lot of VCs out there,” explained founder and general partner Dakin Sloss about the concept behind the fund. “But there aren’t many VCs that are focused exclusively on breakthrough science, or deep tech. Even though there are a couple, when you look at the proportion of capital, I think it’s something like less than 10% of capital is going to these types of compa
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Penske calls it its Additive Manufacturing Department, a two-person team that runs several different 3D printers for all of Penske’s North American racing teams. This team is based in Mooresville, North Carolina, along with all the racing operations (NASCAR, IndyCar, and IMSA), and it treats those race operations like customers, taking orders from engineers and fulfilling them as quickly as it can.
And business is booming.
“We make composite tooling and mock-up parts,” Matt Gimbel, production manager at Penske Racing told
Autoweek, “Air ducts is another one. Managing air, be it engine accessory for alternators, or the IndyCar turbo cooling system, brake ducts (especially for NASCAR), as well as jigs and fixtures, pit crew equipment, too, whether it’s a simple hook to hold a hose or an entire light assembly for the crew to work at night.”