Tenex Capital Management has acquired Techniks, a designer and distributor of industrial tool holders. Simultaneous with the acquisition, Techniks was merged with another Tenex portfolio company, NAP GLADU. The merged companies then formed a new holding company called Quintec.
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 is a designer and distributer of industrial tool holders, cutting tools and accessories. Brands include Techniks, Nexus and Earth Chain. The company was founded in 1998 and is based in Indianapolis (www.techniksusa.com).
NAP GLADU is a designer, manufacturer and servicer of cutting tools used primarily in the woodworking, metalworking and advanced materials industries in North America. The company operates twelve service centers across the US and Canada, with five locations capable of both manufacturing and service. NAP GLADU has 386 employees and is headquartered in Jasper, IN and Marieville, Québec (www.napgladu.com).
“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,” said Bill Van Sant, Executive Chairman of the board for Quintec. “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.”
Tenex Capital Management is a private equity fund that invests up to $100 million in middle-market companies in the transportation, industrial, manufacturing, and health and business services sectors. The firm has $452 million of committed capital and is based in New York (www.tenexcm.com).
“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.”
© 2013 PEPD • Private Equity’s Leading News Magazine • 1-15-13