Audax Group has acquired Techniks Industries, a provider of industrial cutting tools and tool holders. The seller was Tenex Capital Management. No financial terms were disclosed for the transaction that was done in partnership with Techniks’ management. Duff & Phelps and Pepper Hamilton LLP advised Techniks and Tenex Capital on the deal. PRESS RELEASE BOSTON–(BUSINESS WIRE)–Audax Group today announced that it has partnered with management to acquire Techniks Industries, a leading provider of industrial cutting tools and tool holders in North America, from Tenex Capital Management, a private equity firm based in New York. Techniks Industries was formed by the merger of NAP Gladu and Techniks in 2012. NAP Gladu manufacturers and services wood and metal cutting tools used in building materials and industrial end markets, and Techniks supplies tool holding and work holding products used in CNC machine applications for general industrial end markets. Geoffrey S. Rehnert, Co-CEO of Audax Group, said “Techniks Industries is a recognized market leader in the fragmented cutting tools and tool holders market. We look forward to partnering with Greg Webb and the entire Techniks Industries team to continue growing the business organically and through add-on acquisitions.” Greg Webb, President & CEO of Techniks Industries, said “We’re excited to partner with Audax to take Techniks Industries to its next stage of growth. Audax’ resources will help us accelerate our acquisition thesis to expand both the NAP Gladu and Techniks business units into new geographies, end markets, and product lines.” Duff & Phelps and Pepper Hamilton LLP advised Techniks Industries and Tenex Capital Management. Kirkland & Ellis LLP served as counsel to Audax Group. ABOUT AUDAX GROUP Audax Group is an alternative asset management firm specializing in investments in middle market companies. With offices in Boston, New York, and Menlo Park, Audax has over $6 billion in assets under management across its Private Equity, Mezzanine, and Senior Debt businesses. For more information visit the Audax Group website www.audaxgroup.com. ABOUT TENEX CAPITAL MANAGEMENT Tenex Capital Management is a private equity firm that invests in middle-market companies across diverse industries, including industrials, manufacturing, and health and business services. 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. For additional information, please visit www.tenexcm.com.
See the original post here:
Audax Group acquires Techniks from Tenex Capital
