Frontline Tooling Solutions (“Frontline”), the non-operating holding company of Techniks Tool Group (“TTG”) and Peak Toolworks (“Peak”), has completed the sale of TTG to an affiliate of Z Capital Group (“Z Capital”). The sale and separation of TTG enables both TTG and Peak to focus on their independent growth strategies. Frontline, backed by Audax Private Equity, will continue to invest behind the Peak platform.
TTG was formed in 2017 through the combination of Techniks and Parlec, to create an industry leading provider of aftermarket tool holder products.
Following the sale of TTG, Peak Toolworks will continue to invest behind its strategy, building upon its leadership position in providing diamond and carbide cutting tool solutions to the North American secondary woodworking, composites, and metal markets. The separation and sale of TTG will enable Peak to further focus on its strategy of organically expanding its product portfolio, customer base, and end markets, while growing through add-on acquisitions.
“We congratulate the team at TTG on the transaction and wish them continued success,” said Kerry Baskins, CEO of Peak. “We are enthusiastic for Peak’s future and for the benefits that will come from a focused business, including improved innovation, customer service and growth that will benefit our customers and employees. Audax remains a steadfast partner looking to enhance and scale Peak; we have an exciting future ahead.”
Terms of the transaction were not disclosed. Kirkland & Ellis LLP served as legal advisor, and Lincoln International served as financial advisor to Frontline.
ABOUT TECHNIKS TOOL GROUP:
Techniks Tool Group is a North
American industry leader in high quality branded tooling and workholding
solutions for demanding and high precision CNC applications. TTG has an
unparalleled network spanning the manufacturing and tooling industries
with a focus on strategic supplier relationships, leading channel
access, extensive engineering capabilities and unmatched customer
support. For more information, please visit www.technikstoolgroup.com.
ABOUT PEAK TOOLWORKS
Peak Toolworks is an industry leading
full service cutting tools solutions provider to the secondary wood,
composite, metal, and other industries. Peak operates a number of
leading brands, including MaxxLife, North American Products, Gladu,
Riverside, RKO, and others. Headquartered in Jasper, IN with 3
manufacturing facilities, Peak possesses one of North America’s largest
cutting tool service and direct sales network with 13 strategically
located regional service centers operating over 200 service routes
across the United States and Canada. For more information, please visit https://frontlinetooling.com/cutting-tool-group/peak-toolworks/.
ABOUT Z CAPITAL GROUP
Z Capital Group, L.L.C. and its
subsidiaries ("Z Capital") are a leading alternative asset management
firm with approximately $2.3 billion of regulatory assets under
management. For over two decades, the principals of Z Capital have
worked to realize significant capital appreciation by making controlling
equity investments in manufacturing and industrial companies across a
diverse array of industries, including basic materials, branded
consumer, automotive parts, capital equipment and general manufacturing.
Z Capital creates value for its investors by collaborating with talented management teams to generate investment returns by structurally improving the strategic position, competitiveness and profitability of its portfolio companies.
The Z Capital Private Equity Funds' portfolio companies are within numerous industries, have aggregate annual revenues of approximately $1.3 billion, sell products in 57 countries, and have over 11,000 employees and an excess of 200,000 associates, directly and through joint ventures worldwide. The Z Capital investment strategy and portfolio companies are described at www.zcapgroup.net.
ABOUT AUDAX PRIVATE EQUITY
Audax Group is a leading
alternative investment manager with offices in Boston, New York, and San
Francisco. Since its founding in 1999, the firm has raised over $23
billion in capital across its Private Equity and Private Debt
businesses. Audax Private Equity has invested over $5 billion in 120
platforms and 739 add-on companies. Through its disciplined Buy & Build
approach, Audax seeks to help platform companies execute add-on
acquisitions that fuel revenue growth, optimize operations, and
significantly increase equity value. With more than 220 employees and
over 100 investment professionals, the firm is a leading capital partner
for North American middle market companies. For more information, visit
the Audax Group website www.audaxgroup.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190213005628/en/
Contacts:
kbaskins@peaktoolworks.com
