JET, Powermatic Parent Company Purchased by Private Equity Firm

JET BandsawThis just in: big news on the business side of the power tool industry!

This morning in a press release, Tenex Capital Management announced that it has signed a definitive agreement to acquire the machinery and tools business of Walter Meier AG of Switzerland. For those who may not be aware, Walter Meier Tools manufactures the machinery and equipment under the JET, Wilton and Powermatic brands.

Powermatic latheWalter Meier Tools is headquartered in Nashville, Tennessee, but the company also has operations in Switzerland, Germany, Russia, France, Taiwan and China. It sells through more than 3,000 distribution channels in 30 countries. Tenex, the purchasing company, is a private equity firm focused on middle market investments. The transaction is expected to be completed by October 31, 2013. No financial terms were disclosed.

Walter Meier logoIn the same press release, Michael Green, CEO of Tenex Capital Management, stated, “In Walter Meier Tools, we have acquired a strong company with great brands and a growing market share in each of its segments. The well-recognized brands of JET, Wilton and Powermatic define the resilience and durability of the products. We look forward to supporting the company and its management team in executing its continued growth initiatives.”

At this time, that’s about all the information we have here at the Journal, but stay tuned! We will provide updates as they become available.

Related posts:

 
This entry was posted in Tools by Chris Marshall. Bookmark the permalink.

About Chris Marshall

Chris Marshall has been writing for Woodworker's Journal as a contributing editor and field editor since 2001. Prior to that, he spent five years developing home improvement and woodworking books. He's written five of them and has served as a contributing writer on many more. A wood and tool junkie since childhood, Chris thoroughly enjoys building projects and reviewing woodworking tools for the Journal. When he's not assembling new machinery, sawing parts, taking photos or crunching text for an upcoming story, he enjoys spending time with his family and a houseful of pets at their home in rural Ohio.

4 thoughts on “JET, Powermatic Parent Company Purchased by Private Equity Firm

  1. I started my career at Jet in 1971 as the 19th employee when sales were $200.000 a month. I worked there for 32 years and know the actual history of the company. The stated history could not be more wrong. I am responsible for a number of the products that are currently in the Jet line as one of my many jobs was sourcing in China. I also handled product liability legal matters as well as running the Auburn Washington distribution center for the last 5 years of my career. Nice to see Walter Meier gone.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>