Jet and Powermatic have new owners

Tenex Capital Management, a New York City-based private equity firm, acquired the machinery and tools business of Walter Meier AG of Switzerland, which includes the Jet, Powermatic and Wilton brands.

The transaction, made at auction, was expected to close by the end of October.

“In Walter Meier Tools, we have acquired a strong company with great brands and a growing market share in each of its segments,” Michael Green, CEO of Tenex Capital Management, said in a release. “The well-recognized brands of Jet, Wilton and Powermatic define the resilience and durability of the products. We look forward to supporting the company and its management team in executing its continuing growth initiatives.”

In 2012, Tenex acquired NAP Gladu, a manufacturer of carbide- and diamond-cutting tools for the wood, metal and plastic industries. Tooling manufacturers Techniks and BC Saw were acquired earlier this year and merged with NAP Gladu.