Artemis Capital Partners has led a recapitalization of Ohio Tool Works Corp., a manufacturer of industrial honing machines, tooling, and abrasives. The company is based in Ashland, Ohio. Financial terms were not released.
Boston, MA (March 19, 2013) – Artemis Capital Partners (Artemis) announced today that it has led the recapitalization of Ohio Tool Works Corporation (OTW), a leading manufacturer of industrial honing machines, tooling, and abrasives. Headquartered in Ashland, Ohio, OTW designs and builds both standard and custom honing products for a diverse and growing base of customers across the global oil and gas, industrial, aerospace, and metal working industries. OTW’s highly-engineered systems and consumables ensure that its customers’ own mission- critical products – such as down-hole piping and high pressure cylinders – are precisely finished for performance and reliability.
OTW’s executive management team – consisting of John Hovsepian, President & General Manager, David McCormic, VP of Engineering, and Randy Iselt, VP of Sales – will continue as owners and operators of the business.
According to Peter Hunter, managing director at Artemis, OTW’s unique mix of quality and technical expertise has fueled its growth and positioned the company for continued success. “Since its founding just nine years ago, OTW has achieved a leading position in the industrial honing market by working closely with its customers on value- added applications engineering, delivering best-in-class product quality and customer service, consistently introducing new products, and growing its sales channels,” He added: “We are delighted to partner with the OTW team to build upon these growth efforts and take the company to the next level.”
John Hovsepian, President of OTW, concurred: “We are excited about our partnership with Artemis. By adding Artemis’s strategic and operational expertise, we feel we are poised to systematically address a growing number of end markets, applications, and opportunities. Our customers can count on a seamless transition and our steadfast focus on quality, innovation, and service.”
About Ohio Tool Works
Founded in 2004, Ohio Tool Works is a leading manufacturer of industrial honing machines, tooling, and abrasives. OTW operates a 50,000 square foot manufacturing facility in Ashland, Ohio, with sales offices in Houston and expanding distribution channels worldwide. For more information about Ohio Tool Works and its leading lineup of honing machines, tooling, and abrasives, please visit: www.ohiotoolworks.com.
About Artemis Capital Partners
Founded in 2010, Artemis Capital Partners is a Boston-based private equity firm focusing on buyout and growth equity investments in outstanding ‘industrial technology’ companies. With typical target company revenues of $5- $50 million, Artemis seeks to partner with companies that have strong established management teams, outstanding engineering capabilities, unique products, and expanding niche markets. By leveraging the deep manufacturing experience and extensive industry networks of its General Partner and advisors, Artemis looks to unlock the full growth potential of its portfolio companies by adding value across the strategic spectrum.