Gamut Capital-backed JPW Industries acquired Baileigh Industrial, a metal machinery and metal fabrication equipment company, according to documents seen by Buyouts.
Gamut paid almost $150 million for the add-on, financing the transaction with $50 million in equity and $100 million in debt. The agreement was signed March 12, the documents showed.
Goldman Sachs and BMO provided financing for the deal.
JPW designs, makes and distributes machinery and equipment under the JET, Powermatic, Wilton, Edwards and Promac brands. Gamut acquired the company in July 2017.
Gamut and Baileigh were in talks for a potential deal in September 2018, a source familiar told Buyouts.
The companies combine well, with Baileigh expanding JPW’s geographic and distribution scale. Baileigh’s addition will also add another strong name to JPW’s brand portfolio and help JPW broaden its product offering across the metalworking and woodworking categories, the source said.
In addition, Baileigh will add a direct sales channel to JPW, which currently sells entirely through distribution.
JPW and Baileigh have domestic and international presences. Baileigh has showrooms in Manitowoc, Wisconsin, and in Ontario, California, as well as in the U.K. and Germany.
JPW, La Vergne, Tennessee, operates in six countries on three continents and has more than 270 employees worldwide.
The company sells metalworking and woodworking machinery, vises and clamps, lifting systems, air and hand tools and related parts and accessories.
The New York PE firm, founded by ex-Apollo executives Stan Parker and Jordan Zaken in 2015, invests out of its inaugural fund, which closed on $1 billion in January 2017.
Gamut Capital declined comment on the transaction.
Action Item: Contact Gamut Capital in New York at +1 212-309-2600.