New York, New York – September 21, 2015 – Tenex Capital Partners, L.P., an operationally focused private equity firm, has closed the sale of portfolio company Techniks Industries, a company focused on providing high-quality cutting tool solutions for the metalworking and woodworking industries.
Tenex initially acquired what is now Techniks Industries in July 2012 through the acquisition of NAP Gladu, a leading designer, manufacturer and servicer of standard and custom industrial cutting tools used primarily in the woodworking, metalworking and advanced materials industries in North America. Tenex then acquired several add-ons to NAP Gladu:
- Techniks Inc., a leading designer and distributor of value-added tool holders and accessories used in cutting machines for the metalworking industry in North America, in December 2012;
- BC Saw, a regional tooling company in Toronto, Ontario, Canada, in February 2013;
- Drake Corporation, a regional custom tooling company focused on the design, manufacturing, and servicing / reconditioning of specialized cutting tools in Midwest, in April 2015.
The combined company is headquartered in Indianapolis, IN, with production sites in Jasper, IN, and Marieville, Quebec Canada. Techniks President & CEO Greg Webb said, “We have been very pleased with the transformational change we have accomplished together with Tenex, and we are excited about the prospects for future growth of the company under this next phase of ownership.”
“Tenex is pleased to close our second realization in the past month, and to again do so with a very successful outcome for all stakeholders,” said Tenex CEO Mike Green. “Techniks has achieved significant operational efficiencies during our slightly more than three years of ownership, and there has been a marked increase in nearly all key performance indicators.”
The acquisition was effective as of September 21, 2015.
Tenex Capital Management is a private equity fund that invests in middle-market companies. Tenex utilizes an in-house team of hybrid investment professionals skilled in operational leadership, investing and capital markets structuring to maximize long-term value creation. Tenex’s deep operating experience allows the firm to collaborate with management teams to capitalize on business and market opportunities. Tenex has established a successful track record investing in diverse industries, including industrials, manufacturing, and health and business services. For additional information, please visit www.tenexcm.com.
About Techniks Industries
Techniks Industries is a fast-growing, energetic company focused on providing high-quality cutting tool solutions that meet the needs of its metalworking and woodworking customers. Techniks provides leading edge productivity to its customers through best-in-class innovation, service and solutions that deliver superior performance. The combined resources of powerhouse companies including Techniks, NAP Gladu, and BC Saw (subsequently absorbed by NAP Gladu) provides its customers with access to the very finest in innovative engineering and manufacturing, as well as the industry’s premier service network. For additional information, please visit www.techniksindustries.com.