Tennessee Industrial Electronics, a portfolio company of Summit Park, has acquired The Parker Group of Companies. Summit Park acquired Tennessee Industrial Electronics in September 2014.
The Parker Group of Companies (PGI) provides repair services for printed circuit boards, power supplies, servo motors, welding controls, CNC controls, robotics, elevator controls and other products. PGI’s customers are active in the automotive, plastics, food processing, chemical, paper & printing, packaging and welding industries. PGI was founded in 1986 and operates a 12,500 square foot facility located north of Detroit in Clinton Township (www.parkergroupinc.com).
Tennessee Industrial Electronics (TIE) provides parts and repairs for FANUC computer numerical control (CNC) systems. FANUC – based in Yamanashi, Japan – is one of the largest makers of industrial robots in the world. TIE has over 75,000 FANUC drives, motors, and controls in inventory and provides next-day delivery to machine tool users throughout the United States. The company was founded in 1992 and is headquartered southeast of Nashville in La Vergne, TN (www.fanucworld.com).
“PGI’s extensive product knowledge and in-house technical repair capabilities are highly complementary to TIE’s FANUC expertise,” said Tony Wisniewski, CEO of TIE. “PGI will add extensive electronic repair expertise across new key OEMs including Siemens, Allen-Bradley, Okuma, and Baldor, making the company a one-stop-shop for all CNC electronics parts and repairs.”
“We are very pleased to acquire The Parker Group of Companies. Our investment thesis has always been to expand our OEM expertise and our outside sales team. This acquisition accomplishes both, and we look forward to building on each company’s historical success,” said Bob Calton, Managing Partner at Summit Park.
Summit Park makes investments in lower middle market companies in a range of industries that have revenues between $20 and $100 million or EBITDAs between $4 and $10 million. Sectors of interest include business services, outsourced services, light manufacturing, and distribution. Summit Park is headquartered in Charlotte, NC (www.summitparkllc.com).
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