Sandvik Acquires GWS Tool Group from L Squared Capital Partners

L Squared Capital Partners Recapitalizes GWS Tool Group

September 18, 2019

Manufacturing

L Squared Capital Partners has partnered with GWS Tool Group management to recapitalize GWS Tool Group, with participation from incumbent sponsor Addison Capital Partners; financial terms were not disclosed. The recapitalization (with debt led by Varagon Capital Partners) provides a long-term capital base to support GWS’s acquisition-driven growth, geographic expansion, and continued investment in people and facilities.

GWS Tool Group Acquires STF Precision

October 20, 2020

Manufacturing

GWS Tool Group, a portfolio company of L Squared Capital Partners, has acquired STF Precision, a North Carolina-based manufacturer of precision PCD, SCD and CBN cutting tools. The add-on strengthens GWS's product capabilities in rotary PCD/CBN tooling and expands its manufacturing footprint into the Carolinas; STF's leadership will remain with GWS in operational roles.

GWS Tool Group Acquires Taurus Tool & Engineering

January 19, 2021

Manufacturing

GWS Tool Group, a portfolio company of L Squared Capital Partners, has acquired Taurus Tool & Engineering, a Batavia, Illinois-based manufacturer of precision custom cutting tools. The transaction is an add-on acquisition that expands GWS's capabilities in high-speed steel (HSS) and carbide hole-making and milling tools for aerospace and automotive applications.

GWS Tool Group Acquires CJT Koolcarb, Inc. and GenHam Diamond Tooling

April 20, 2021

Manufacturing

L Squared Capital Partners' portfolio company GWS Tool Group has acquired CJT Koolcarb, Inc. and its PCD operating subsidiary GenHam Diamond Tooling. CJT (Carol Stream, IL) produces carbide and carbide-tipped drills and reamers while GenHam supplies diamond/PCD tooling; the add-on expands GWS's holemaking capabilities and capacity across aerospace, automotive and other advanced machining markets. The deal is GWS's second acquisition in 2021 and the fifth add-on since L Squared's platform investment in 2019.

GWS Tool Group Acquires Intrepid Tool Industries and North American Tool Corporation

February 3, 2020

Manufacturing

GWS Tool Group, a portfolio company of L Squared Capital Partners, completed two add-on acquisitions in January 2020, acquiring Intrepid Tool Industries (Phoenix, AZ) and North American Tool Corporation (South Beloit, IL). The acquisitions expand GWS's product capabilities, distribution channels and geographic reach as part of a broader consolidation strategy in custom cutting/tooling manufacturing.

Sandvik Acquires Peterson Tool Company (assets)

May 11, 2022

Manufacturing

Sandvik AB has signed an agreement to acquire the assets of Peterson Tool Company, Inc., a Nashville-based custom carbide tooling manufacturer that supplies machine-specific custom insert tooling for high-production turning and grooving. Peterson Tool (73 employees; ~$9m revenue in 2021) will be reported in Sandvik's GWS Tool business unit within Sandvik Manufacturing and Machining Solutions; the transaction was expected to close in Q2–Q3 2022.