New York, NY – January 14, 2013 – Tenex Capital Management (“Tenex”) announced the completion of its acquisition of Techniks, concurrent with Techniks’ merger into another Tenex portfolio company, NAP GLADU. The merged companies will form a new holding Company, Quintec. The combination of Techniks and NAP GLADU creates a leading tooling company serving premier customers engaged in cutting and machining metal, wood, plastics and composites throughout North America’s growing and diverse industrial base. Techniks is a recognized innovator and leader in the design and distribution of industrial tool holders, cutting tools and accessories. The company, which was founded 15 years ago and is headquartered in Indianapolis, IN, markets its products under the Techniks, Nexus and Earth Chain brands. NAP GLADU, one of the industry’s pre-eminent tooling suppliers, designs, manufactures and services broad families of integrated custom cutting tools for the wood, metal and advanced materials markets in North America. As with Techniks, its new sister company, NAP GLADU is recognized for its innovative tooling solutions and superior customer service.
Bill Van Sant, Executive Chairman of the board for Quintec, stated, “We are pleased to announce the merger of Techniks and NAP GLADU into a new tooling company, Quintec, that will greatly expand its combined ability to rapidly deliver innovative tooling solutions to a growing base of premier customers throughout North America’s industrial base. Synergies that will be shared by Techniks and NAP GLADU will result in a company that is differentiated by speed to market, innovation, technology and superior customer service. The new company’s primary objective is to provide tooling solutions that exceed customer expectations for quality, reliability and speed of service.”
“The merger of Techniks and NAP GLADU will yield significant synergies in technologies, products and distribution that will ensure continued and significant growth at both companies. The Techniks team is very proud to become a part of the new market leader and look forward to combining the company’s leading brands, Techniks, Nexus and Earth Chain, with NAP GLADU’s legendary brands”, said Nick Tuttle, Techniks President. “The support and resources provided by Tenex, coupled with the technology, manufacturing and distribution synergies Techniks will gain by merging with NAP, will greatly enhance our ability to rapidly grow the business while enabling us to continue to provide our customers with industry-leading levels of service and innovative products.”
Brad Stack, President of NAP GLADU added, “Channel and product synergies that will be realized by the combination of NAP GLADU and Techniks will provide each company immediate access to broader niches of North America’s industrial base and end-user customers. The new company will capitalize and build on each company’s success in the specific market niches they currently serve. In the end, we expect the merger will yield significant and differentiated benefits for our discerning tooling customers.”
NAP GLADU and Techniks will operate as stand-alone companies within Quintec. Brad Stack will continue in his role as President of NAP GLADU. Nick Tuttle and John Stagge, Techniks co-founders, will assume the new roles of Co-Presidents at Techniks. Bill Van Sant, will serve as Executive Chairman of the board of Quintec. Dan Cook will become Chief Integration Officer of the new company.
Techniks, headquartered in Indianapolis, Indiana, is an industry leader in the design, and distribution of high-quality industrial tool holders, cutting tools and accessories. Techniks is the fastest growing supplier in the sector and its products are sold through local distributors throughout North America under the brands of Techniks, Nexus and Earthchain. For more information, please visit http://www.techniksusa.com
About NAP GLADU
NAP GLADU is the most complete source of quality and custom cutting tools and services for the wood, metal and advanced materials industries in North America. NAP GLADU has been helping customers lower their cost per cut with extensive selection, reliable service, and top quality for over 70 years. Our diversified line of carbide and diamond cutting tools includes saw blades, router bits, insert tooling and much more. For more information, please visit http://www.napgladu.com
About Tenex Capital Management
Tenex Capital Management is a private equity firm with $452M of committed capital that makes control investments in middle market companies. Tenex utilizes an in-house team of hybrid professionals skilled in operational leadership, investing and capital markets structuring to maximize long-term value creation. Tenex has established a successful track record investing in diverse industries, including transportation, industrials, manufacturing, and health and business services. For more information, please visit http://www.tenexcm.com