NEW YORK CITY – Wood cutting tool manufacturer NAP Gladu has been acquired by Tenex Capital Management, a New York City private equity firm.

The backing could open the door to strategic acquisitions by the tool maker. NAP Gladu, based in Jasper, IN, and Marieville, QC, employs 386 at 12 manufacturing and service sites in the U.S. and in Canada.

“The operating experience and strategic planning expertise provided by Tenex will advance our ability to grow the business, both organically and through strategic acquisitions," said NAP GLADU president Bradley Stack said in a statement announcing the sale. 

Tenex Capital Management says it has $452 million in committed capital to buy control in middle market companies. After investing in firms it collaborates with management in improving business operations.

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