New York, NY – October 8, 2013 – Tenex Capital Management (“Tenex”), the New York based private equity firm focused on middle market investments, today announced it has signed a definitive agreement to acquire the machinery and tools business of Walter Meier AG of Switzerland. Walter Meier Tools is a leading manufacturer and marketer of industrial and wood working machinery and equipment under the JET, Wilton and Powermatic brands. The company has operations in seven countries and sells in over 30 markets worldwide. The transaction is expected to close by October 31st, 2013.
With a brand heritage spanning over 90 years, JET, Wilton and Powermatic products reach a broad spectrum of end users through a wide-ranging distribution base. Its products include JET and Powermatic woodworking machinery, Wilton vises and clamps, B.A.S.H unbreakable striking tools and JET metalworking machinery, lifting products and air tools.
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 continuing growth initiatives.”
About Tenex Capital Management
Tenex Capital Management, LLC (“Tenex”) is a private equity firm with $452M of committed capital that makes control investments in middle market companies.
Tenex utilizes an in-house team of hybrid professionals skilled in operational leadership, investing and capital markets structuring to maximize long-term value creation within our portfolio companies.
Tenex is based in New York City. For additional information, please visit www.tenexcm.com.
About Walter Meier Tools
Headquartered in Nashville, Tennessee, Walter Meier Tools manufactures and markets a wide range of machinery and equipment under the JET, Wilton and Powermatic brands. In addition to its Nashville headquarters, the company has operations in Switzerland, Germany, Russia, France, Taiwan and China. Its sells through over 3,000 distribution partners in 30 countries. For more information, please visit www.jettools.com,www.wiltontools.com, www.powermatic.com.