Indianapolis-based Techniks Inc., a designer and distributor of industrial cutting tools, has been acquired by New York private equity firm Tenex Capital Management.
Terms of the acquisition, completed Jan. 14, were not disclosed.
Tenex immediately merged Techniks with another of its portfolio companies, Jasper-based tooling supplier Nap Gladu, to create a new holding company, Quintec. Both Techniks and Nap Gladu will operate separately within Quintec, Tenex said.
Tenex has $425 million in capital and typically makes acquisitions averaging from $25 million to $50 million.
Techniks has 48 employees and brings in about $30 million in annual revenue.
Nap Gladu has more than 400 employees at 12 manufacturing and service sites in the United States and Canada. The combined company will have more than $88 million in revenue.
The combination of Techniks and Nap Gladu creates a tooling company serving customers in the cutting and machining metal, wood, plastics and composites industries throughout North America, Tenex said.
Nick Tuttle and John Stagge, who co-founded Techniks in 1996 and sold the company to Tenex, will assume new roles as co-presidents at Techniks.
Tuttle said Quintec will be headquartered at Techniks' offices at 9930 E. 56th St. and as many as 10 more employees could be hired.
Techniks was advised by the Indianapolis office of investment banking firm Navidar Group and local law firm Ice Miller LLP.