This 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.
Walter 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.
In 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.