Summit Park divests Tennessee Industrial Electronics to Diploma, PLC
North Carolina-based private investment firm Summit Park has announced the sale of its portfolio company Tennessee Industrial Electronics (TIE), a provider of refurbished parts and repair services to Diploma, PLC.
The financial terms of the deal were not disclosed.
Based in LaVergne, Tennessee, Tennessee Industrial Electronics specializes in computer numerical control (CNC) systems and robotics.
Established in 1992, the company began with the overhaul of motors, controls as well as drives used in CNC systems. Tennessee Industrial Electronics has since expanded to become one of the leading companies that provides aftermarket support to CNC automated systems in North America, claimed Summit Park.
Through a succession of acquisitions under Summit Park’s ownership, including the Parker Group, Master Robotics, and Robots.com, the company is said to have expanded its geographical reach and capabilities to include parts and repair for industrial automation and robotics.
Tony Wisniewski — Tennessee Industrial Electronics CEO said: “I am proud of the team we have built, and the investments we have made in our business to build scale as a leader in aftermarket support for robotics and CNC automation.
“Summit Park has been a terrific partner for TIE and their guidance was invaluable to accelerating the Company’s growth trajectory during their ownership. We are truly excited for the opportunity to build on this success with Diploma and believe that they are perfect long term cultural fit for the employees of TIE.”
This transaction is Summit Park’s sixth exit from the second fund it manages, dubbed Summit Park II.
Lincoln International served as financial advisor, and McGuireWoods LLP acted as legal advisor to Tennessee Industrial Electronics and Summit Park in connection with the deal.
Lazard was the financial advisor, while Foley & Lardner LLP served as the legal advisor for Diploma PLC.
Bob Calton — Summit Park co-Managing Partner said: “TIE’s significant growth and success are the result of the hard work of the entire TIE team, led by Tony Wisniewski. They thoughtfully executed a value creation plan to broaden the Company’s capabilities, expand into new end markets, and to grow strategically through M&A, establishing TIE as a market-leading provider.
“We enjoyed a strong partnership with the TIE team, and we look forward to following their continued success as a part of Diploma.”