NEW YORK, NY - NAP Gladu woodworking tool owner Tenex Capital Management will acquire JET Powermatic and Wilton Tools and the rest of the machinery and tools business of Walter Meier AG of Switzerland. The deal, announced Oct. 8, will close Oct. 31.
The New York based Tenex private equity firm acquired woodworking tooling company NAP Gladu last year, then acquired Techniks tooling to form Quintec - that subsidiary then acquired BC Saw and Tools this year. Among Tenex's $425 million in investments are Arnold Transportation and LinkAmerica trucking and logistics companies.
Powermatic table saws are widely used in woodworking shops in all segments. "The well recognized brands of JET, Wilton and Powermatic define the resilience and durability of the products," said Michael Green, Tenex CEO, in announcing the deal. "We look forward to supporting the company and its management team in executing its continuing growth initiatives.”
Walter Meier Tools, which acquired JET and Powermatic in 1999, has invested in refreshing and updating the JET and Powermatic lines of table saws, band saws, and other machinery. JET, Wilton and Powermatic brands have operations in seven countries and sells in over 30 markets worldwide. Its other businesses serve air conditioning and cooling markets.
Products in the existing Walter Meier Machinery division include JET and Powermatic brands including woodworking machinery, Wilton vises and clamps, B.A.S.H unbreakable striking tools and JET metalworking machinery, lifting products and air tools.