Summit Partners has acquired a majority stake in Harvey Performance Co. Financial terms weren’t announced. Harvey Performance, of Rowley, Massachusetts, provides products and services to increase productivity for customers in the manufacturing and metalworking industries. Piper Jaffray provided financial advice to Harvey, while Kirkland & Ellis and Ernst & Young LLP advised Summit.
ROWLEY, MA and MENLO PARK, CA – Harvey Performance Company (“Harvey”), a leading provider of specialized cutting tools for precision machining applications, today announced a majority investment from global growth equity investor Summit Partners. CEO Pete Jenkins and the Harvey management team remain significant shareholders in the company. The funding will be used to fuel ongoing product development and drive new growth initiatives. Additional terms of the investment were not disclosed.
Founded in 1985, Harvey Performance Company is dedicated to providing world-class products, services and solutions that increase productivity for customers in the manufacturing and metalworking industries, including the aerospace and defense, medical, automotive, industrial motors and telecommunications sectors. The company consists of two complementary brands: Harvey Tool – a broad, one-stop offering for hard-to-find micro-cutting tools – and Helical Solutions – a manufacturer of high-performance custom and standard end mills. The company is recognized as a market leader because of unsurpassed technical expertise and engineering know-how.
This funding comes as Harvey continues on a trajectory of rapid growth, with plans to further accelerate growth through its new partnership with Summit. In 2016, Harvey Tool earned a position on the Inc. 5000 list of America’s fastest-growing private companies, and bothHarvey Tool and Helical Solutions were recognized in the 2016 CNC Cookbook End Mill Survey, an industry survey focused on highlighting machinists’ most preferred brands.
“Harvey Performance prides itself on providing best-in-class products and technical service to a diverse and demanding customer base,” said Pete Jenkins, Harvey Performance Company CEO. “We’ve known the Summit team for years, and we appreciate their shared vision for growth. This funding will support our ongoing product innovation efforts and will enable us to maintain our high standards of engineering quality and customer service.”
“We are impressed with Harvey’s innovative, customer-centric culture and remarkable growth. We are thrilled to partner with Pete and the Harvey Performance Company team,” said Jay Pauley, a Managing Director with Summit Partners who has joined the Board of Directors. “The company’s end-market is enormous, and we believe Harvey’s product breadth, differentiated go-to-market strategy and premium technical support model will continue to position the business well for long term success.”
“We have followed Harvey’s expansion closely over the past several years,” said John Carroll, a Managing Director with Summit Partners who has also joined the Harvey Board of Directors. “We admire the company’s uncompromising commitment to its customers and their unrelenting focus on quality.”
Summit was advised by Kirkland & Ellis LLP and Ernst & Young LLP. Harvey Performance Company was advised by Piper Jaffray.
About Harvey Performance Company
Harvey Performance Company strives to offer unique and innovative products to solve the industries’ most challenging machining requirements. Its distinct brands, Harvey Tool and Helical Solutions, serve specialty needs and markets with a shared commitment to delivering high quality products and superior service. The brands offer a broad range of products and services that help support machinists, engineers, and CNC programmers while giving their shops a competitive advantage. Harvey Performance has a proud history of doing business the right way – offering fast and friendly service, providing comprehensive product support, and treating customers, suppliers, and shareholders in a way that builds strategic, strong, and enduring relationships. For more information, visit www.harveyperformance.com.
About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $15 billion in capital dedicated to growth equity, fixed income and public equity opportunities. Summit invests across growth sectors of the economy and has invested in more than 460 companies in healthcare, technology and other growth industries. Notable industrial technology investments include FineLine Technologies, Parts Town, Grand Design and Welltec. These companies have completed more than 140 public equity offerings, and more than 180 have been acquired through strategic mergers and sales. Summit maintains offices in North America and Europe, and invests in companies around the world. For more information, visit www.summitpartners.com or on Twitter at @SummitPartners.
In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 11–12 St. James’s Square, London, SW1Y 4LB, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.