Harvey Performance Company (Harvey), a leading provider of specialised cutting tools for precision machining applications, has secured 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 defence, 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 recognised 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 both Harvey Tool and Helical Solutions were recognised 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,” says 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,” says 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,” says 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.”
