Evansville-based Koch Enterprises Inc. has sold its Gibbs Die Casting Corp. auto parts manufacturing business to a California private equity firm.
Architect Equity, based in El Segundo, announced the acquisition Tuesday in a news release. Terms were undisclosed.
Gibbs Die Casting Corp. makes driveline, powertrain and transmission parts for vehicles and industrial machinery. Based in Henderson, Kentucky, the company employs more than 800 people, which was nearly a third of the Koch Enterprises global workforce.
Koch acquired the company for $1 million in 1969—“the biggest risk ever taken” by what was then called George Koch Sons, according to Koch’s website. Gibbs Die Casting was founded in 1965 by Robert Kenneth Gibbs.
Architect Equity said in the release that it will maintain Gibbs’ manufacturing operations in Henderson and will retain the existing leadership team.
“Gibbs is an attractive opportunity for Architect to partner with a highly qualified management team that operates a business that provides mission critical parts and components to the automotive and industrial sectors,” Architect Equity managing partner Dionisio Lucchesi said. “We are excited about building upon the existing core business as well as identifying opportunities for growth that require high quality engineering expertise and aluminum manufacturing capability.”
Architect Equity’s other holdings include Texas petroleum services provider Timec, Chicago postal services provider The Mail Group, and consumer products provider Faultless Brands.
Koch Enterprises was founded in 1873. Based in Evansville, its holdings include Missouri telecommunication infrastructure provider Amprod, Kentucky aluminum recycling company Audubon Metals and HVAC parts supplier Koch Air.
Koch Enterprises is one of the largest privately held companies in Indiana, with annual revenue near $1.5 billion and more than 2,000 employees in its various divisions, according to IBJ research.