Audax Group has acquired Techniks Industries, a provider of industrial cutting tools and tool holders, from Tenex Capital Management which initially invested in the company in July 2012.
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. The company is based in Indianapolis (www.techniksusa.com).
“Techniks Industries is a recognized market leader in the fragmented cutting tools and tool holders market,” said Geoffrey Rehnert, Co-CEO of Audax Group. “We look forward to partnering with CEO Greg Webb and the entire Techniks’ team to continue growing the business organically and through add-on acquisitions.”
The Audax Group makes control investments of $10 million to $100 million in middle market companies with transaction values of $25 million to $500 million. Sectors of interest include industrial manufacturing; energy; outsourced industrial services; consumer products; healthcare devices and services; non-asset based logistics; technology; aerospace & defense; business services; and direct marketing. Audax has over $6 billion in assets under management in its private equity, mezzanine, and senior debt businesses. The firm was founded in 1999 and has offices in Boston, New York, and Menlo Park (www.audaxgroup.com).
“We’re excited to partner with Audax to take Techniks to its next stage of growth,” said Mr. Webb. “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.”
Tenex Capital Management, the seller of Techniks, 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).
Duff & Phelps and Pepper Hamilton advised Techniks Industries and Tenex Capital Management.
© 2015 PEPD • Private Equity’s Leading News Magazine • 9-25-15
