Harvey has a remarkable record for growing both its product lines and gaining share in the specialty cutting tool market.
(PRWEB) March 31, 2014
The Riverside Company has invested in Harvey Tool Company, LLC (Harvey), a provider of specialized cutting tools used in precision machining applications. Founded in 1985 and based in Rowley, Massachusetts, Harvey sells products through a diverse distribution network to a wide array of end markets.
Harvey is a differentiated, niche provider of more than 9,000 cutting tools with unique sizes, geometric characteristics, reaches and coatings. The company’s solid carbide milling tools are used by machine shops and other production facilities across North America and internationally. Harvey has achieved impressive growth due to its top-notch customer service, strong new product development capabilities, commitment to high quality, and best-in-class stock levels.
“Harvey has a remarkable record for growing both its product lines and gaining share in the specialty cutting tool market,” said Riverside Partner Chris Jones. “The company has strong and growing brand awareness and is highly valued by customers.”
Riverside will support Harvey’s growth plans to expand into adjacent product categories, and will be active in seeking strategic add-ons for the company.
“Harvey is a very well-run company with a diverse and differentiated set of cutting tool products,” said Jones. “We’re excited about partnering with President and CEO Pete Jenkins, COO Sam Ward, and the rest of the management team to expand Harvey’s business.”
Working with Jones on the transaction for Riverside were Vice President Ben Davis, Senior Associate Justina Wang, Associate Alex Treece, and Operating Partner Mike Thompson. Origination Principal Jim Butterfield sourced the opportunity and Partner Anne Hayes worked on financing the transaction for the firm.
GE Antares Capital and Ares Capital Corporation provided financing for the transaction. Jones Day advised Riverside on the investment.
The Riverside Company
The Riverside Company is a global private equity firm focused on acquiring and investing in growing businesses valued at up to $250 million (€200 million in Europe). Since its founding in 1988, Riverside has invested in more than 330 transactions. The firm’s international portfolio includes more than 70 companies. (http://www.riversidecompany.com or http://www.riversideeurope.com)