BOSTON, MA – September 21, 2015 – Audax Group today announced that it has partnered with management to acquire Techniks Industries, a leading provider of industrial cutting tools and tool holders in North America, from Tenex Capital Management, a private equity firm based in New York. Techniks Industries was formed by the merger of NAP Gladu and Techniks in 2012. NAP Gladu manufacturers and services wood and metal cutting tools used in building materials and industrial end markets, and Techniks supplies tool holding and work holding products used in CNC machine applications for general industrial end markets.
Geoffrey S. Rehnert, Co-Chief Executive Officer, Audax Group, said “Techniks Industries is a recognized market leader in the fragmented cutting tools and tool holders market. We look forward to partnering with Greg Webb and the entire Techniks Industries team to continue growing the business organically and through add-on acquisitions.”
Greg Webb, President & CEO, Techniks Industries, said “We’re excited to partner with Audax to take Techniks Industries to its next stage of growth. Audax’ resources will help us accelerate our acquisition thesis to expand both the NAP Gladu and Techniks business units into new geographies, end markets, and product lines.”
Duff & Phelps and Pepper Hamilton LLP advised Techniks Industries and Tenex Capital Management. Kirkland & Ellis LLP served as counsel to Audax Group.