Shape Technologies Group Inc, a portfolio company of American Industrial Partners, announced it has acquired Tops Co Ltd of South Korea. Terms of the deal were not disclosed. Both companies are suppliers of waterjet technology. AIP, which focuses on middle-market buyouts, acquired Shape in 2013, investing an undisclosed amount from its fifth fund, according to its website. Shape, based in Kent, Washington, has about 1,100 empoloyees in 18 sites around the world and produces annual revenue of $390 million, AIP’s website said. AIP closed on $1.8 billion for its sixth buyout fund last year, Buyouts reported.
Shape Technologies Group, Inc. Acquires TOPS Co. Ltd.
KENT, WA–(Marketwired – April 13, 2016) – Shape Technologies Group, Inc. (SHAPE), an entity affiliated with American Industrial Partners (“AIP”), has acquired Tops Co. Ltd (TOPS) of South Korea on April 8, 2016.
SHAPE, the world leading supplier of waterjet technology and manufacturing process solutions has acquired TOPS, a leading supplier of waterjet-based solutions in the Asia-Pacific region, headquartered in Gimhae, South Korea.
“We are very pleased to announce the addition of TOPS to our family of companies,” said David Savage, chief executive officer of SHAPE. “TOPS has proven very capable of meeting the demanding requirements in key industries served by SHAPE.” Paul Brown, president Asia for SHAPE adds, “TOPS expands our portfolio of solutions and positions us well to drive growth in Asia-Pacific, other emerging economies, and worldwide.”
“We are honored to join Shape Technologies Group,” said Mr. Choi Chang-Hoon, president of TOPS. “We have built TOPS by focusing on solutions that are designed for you and supporting our customers with the highest levels of quality and service. As part of SHAPE, we are excited to be able to further enhance our capability with the most advanced ultrahigh-pressure technology and thereby deliver the next generation of solutions to customers not only in Korea, but worldwide.”
About American Industrial Partners
American Industrial Partners is an operationally oriented middle-market private equity firm that makes control investments in North American-based industrial businesses serving domestic and global markets. AIP has deep roots in the industrial economy and has been active in private equity investing since 1989. To date, AIP has completed over 40 transactions and is currently managing more than $1.1 billion in equity capital. AIP invests in all forms of corporate divestitures, management buyouts, recapitalizations, and going-private transactions of established businesses with revenues of $100 million to $750 million. For more information about American Industrial Partners, contact Ben DeRosa, Partner at 212-627-2360, extension 200.
About Shape Technologies Group, Inc.
Shape Technologies Group, Inc. (SHAPE) delivers innovative manufacturing process solutions to customers spanning 100 countries and a broad array of industries. As the world leading provider and inventor of waterjet, SHAPE has become a strategic ecosystem of companies providing material processing and surface preparation, automated assembly, robotic motion systems, material handling, software, process control, aftermarket parts, and comprehensive support to our customers.
About TOPS Co. Ltd
Tops Co. Ltd is a leading supplier of waterjet cutting systems and manufacturing process solutions in South Korea the Asia-Pacific region. Established in 2001 and built upon customer service and user-friendly operation, TOPS employs creativity and technology to tackle even the toughest manufacturing challenge.
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