Climax Portable Machine Tools Inc, a portfolio company of Industrial Growth Partners, has acquired Wadsworth, Ohio-based H&S Tool, a maker of portable machine tools. No financial terms were disclosed.
San Francisco, CA – Climax Portable Machine Tools, Inc., a leading global manufacturer of high-performance portable machine tools and welding systems used in a diverse set of industrial end markets, has acquired the assets of H&S Tool, Inc. and H&S Tool, Ltd. Climax, headquartered in Newberg, Oregon, was acquired by Industrial Growth Partners IV, L.P. in June 2013.
Headquartered in Wadsworth, Ohio, H&S Tool is a leading independent manufacturer of portable machine tools used in downstream oil & gas, power generation and other industrial markets. H&S Tool offers proprietary, patented pipe cutting and beveling tools utilized in mission-critical industrial repair and maintenance applications. H&S Tool rents and sells its products from its primary facility located in Ohio, and through over thirty sales representatives and distributors located across the United States and key international markets.
According to Tom Cunningham, President & CEO of Climax, “This acquisition strengthens Climax’s leading position in the portable machine tool market and adds tremendous diversity to our business around the world. The transaction also addresses customers’ desires for an independent provider with a full suite of highly engineered and durable portable machine tools, in addition to strengthening our growing rental business globally.” Jeff Howard, President of H&S Tool, adds: “H&S Tool and Climax are a great combination. The companies are both top players in their fields, have established reputations for technology leadership, and pride themselves in providing the highest-quality products and excellent customer service. Together, Climax and H&S Tool will now offer our customers a complete solution to their portable machining needs.”
Acquisition Details – On October 1, 2015, Climax acquired the assets of H&S Tool, supported by additional equity from Industrial Growth Partners IV, L.P., management and certain outside investors. IGP continues to seek add-on acquisitions for Climax, with a focus on investments that will enhance its position as a leading global manufacturer of portable machining and welding solutions in the power generation, oil & gas, mining, construction, shipbuilding and general industrial markets. To learn more about Climax, please visit www.climaxportable.com.
Industrial Growth Partners, founded in 1997, is a San Francisco-based private equity investment firm with $1.4 billion of equity capital raised since inception. The firm invests exclusively in middle-market companies in the industrial sector in partnership with management teams.
For more information, please contact Matt Antaya or Eric Heglie at (415) 882-4550.