Monarch Industries Limited, headquartered in Winnipeg, Manitoba, is an integrated manufacturer and distributor of hydraulic cylinders and custom iron castings. Monarch serves the mobile agricultural, construction and industrial equipment markets. The Company’s products are sold primarily in North America, with a small but growing portion of sales in emerging markets. Customers include the major industrial equipment manufacturers.

Merit invested both subordinated debt and equity in support of the acquisition, in partnership with several of the company’s senior executives who make up an integral part of the shareholder group.