Industrial Opportunity Partners (IOP), a private equity firm based in Evanston, Ill., has acquired the foundry Aarrowcast Inc., located in Shawano, Wis.

Aarowcast (www.aarrowcast.com) produces gray, ductile and austempered ductile iron castings. The foundry, which features three separate molding lines, including the largest automated green sand flask in North America, specializes in large, complex castings using what it calls sophisticated metallurgy. The company’s end markets include the agriculture, off-highway heavy truck, military and construction markets.

“We are very excited to acquire Aarrowcast, a market leader with unique manufacturing capabilities and a solid history of providing complex products to a long list of market-leading customers,” says Adam Gottlieb, senior managing director of IOP.

Adds Andrew Weller, IOP’s operating principal, “Aarrowcast has built a reputation with its customers, suppliers, and employees based on unmatched manufacturing abilities, service levels and product breadth.”

Ben Grigg, president and CEO of Aarrowcast, remarks, “We are thrilled to be partnering with Industrial Opportunity Partners, whose operational experience and strategic support will enhance Aarrowcast's continuous effort to deliver high-quality products and extraordinary service levels to our customers.”