Shape Technologies Group, a portfolio company of American Industrial Partners, has acquired Tops Co., a supplier of waterjet cutting systems based in South Korea.
TOPS waterjet cutting systems are used by manufacturers of steel, aluminum, metal, plastic, marble, and glass products. The company was founded in 2001 and is headquartered in Gimhae, South Korea (www.topswaterjet.com/eng).
In 2013, American Industrial Partners (AIP) purchased KMT Waterjet and formed Waterjet Holdings. In January 2014, the first add-on was completed with the buy of Flow International. Then in December 2015, AIP changed the name of Waterjet Holdings to Shape Technologies Group.
Today, Shape Technologies – through a series of add-on acquisitions – provides material processing and surface preparation, automated assembly, robotic motion systems, software, process control, and aftermarket parts. Company owned brands and operating divisions include KMT Waterjet, Dynamic Robotic Solutions, H2O Jet, Flow International, AquaFlow, Tech-Con Automation, and Advanced Pressure Systems.
Shape Technologies is led by David Savage, its chief executive officer, and has 18 operating facilities in the US, Latin America, Europe and Asia. The company has annual revenues of approximately $390 million and employs 1,100. Shape Technologies is headquartered south of Seattle in Kent, WA. (www.shapetechnologies.com).
American Industrial Partners makes equity and debt investments in North American-headquartered industrial companies that have revenues from $100 million to $750 million. Transaction values are typically less than $500 million. The firm was founded in 1989 and is headquartered in New York (www.americanindustrial.com).
© 2016 Private Equity Professional • Private Equity’s Leading News Magazine • 4-15-16