Funds managed by Gamut Capital Management, a New York-based middle market private equity firm, are to acquire JPW Industries and its global affiliates (JPW), a manufacturer, designer and distributor of a wide range of machinery and equipment under the JET, Powermatic, Wilton, Edwards and Promac brands, from Tenex Capital Management.
Headquartered in La Vergne, Tennessee and founded in 1958, JPW’s branded specialty shop tools and equipment serves a broad range of applications and end markets. JPW products include metalworking and woodworking machinery, vises and clamps, ironworkers, lifting systems, air and hand tools and related parts and accessories. JPW operates in six countries on three continents and has more than 270 employees worldwide.
Stan Parker, Founding Partner of Gamut, says: “JPW has set the standard for quality, reliability, innovation and service across a broad range of applications and end users. We are delighted to partner with JPW and its strong management team to accelerate its development.”
Robert Romano, Chief Executive Officer at JPW, says: “We have enjoyed our partnership with Tenex and deeply value their strategic input and guidance. As we enter our next phase, we are excited to have the support of Gamut and look forward to leveraging their experience and resources as we continue to grow.”
Romano will remain with the company as CEO and will serve on the Board of Directors. At the close of the transaction, which is expected by the third quarter of this year, Stephen Van Oss, a Gamut Operating Partner, will join JPW’s Board of Directors as Non-Executive Chairman. Terms of the transaction were not disclosed.
Goldman Sachs & Co LLC served as financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to Gamut. BB&T Capital Markets served as financial advisor and Kirkland & Ellis LLP served as legal counsel to JPW. Goldman Sachs Bank USA, BMO Harris Bank NA and BNP Paribas are providing financing commitments for the transaction, subject to customary terms and conditions.
