Private equity firm signed deal to acquire Walter Meier Tools, including JET, Powermatic, and Wilton tool brands.
Tenex Capital Management, a New York based private equity firm, announced it has agreed to acquire Walter Meier Tools, the machinery and tools business of Walter Meier AG of Switzerland, according to a report in the Fort Mill Times.
Walter Meier Tools is best known as a manufacturer and marketer of industrial and wood working machinery and equipment under the JET, Wilton and Powermatic brands. The company has operations in seven countries and sells in over 30 markets worldwide.
U.S. operations are centered in a 400,000 square-foot facility in LaVergne, Tenn. The transaction is expected to close by October 31st, 2013.
Products covered by the deal include JET and Powermatic woodworking machinery, Wilton vises and clamps, B.A.S.H unbreakable striking tools, as well as JET metalworking machinery, lifting products and air tools.
Michael Green, CEO of Tenex Capital Management, stated, “In Walter Meier Tools, we have acquired a strong company with great brands and a growing market share in each of its segments. The well recognized brands of JET, Wilton and Powermatic define the resilience and durability of the products. We look forward to supporting the company and its management team in executing its continuing growth initiatives.”
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