Indianapolis-based Frontline Tooling Solutions has completed the sale of its subsidiary, Techniks Tool Group, to an affiliate of venture capital and private equity firm Z Capital Group in New York. Financial terms of the deal are not being disclosed. Frontline says the sale will allow it TTG, along with Frontlines other subsidiary, Peak Toolworks, to focus on their independent growth strategies.
Peak Toolworks will continue to invest behind TTG’s strategy, building on its base for providing diamond and carbide cutting tool solutions to the North American secondary woodworking, composites, and metal markets. The company says separation and sale of TTG will enable Peak to further focus on its strategy of organically expanding its product portfolio, customer base, and end markets, while growing through add-on acquisitions.
Frontline, backed by Audax Private Equity, will continue to invest behind the Peak platform.
“We congratulate the team at TTG on the transaction and wish them continued success,” said Kerry Baskins, CEO of Peak in a news release. “We are enthusiastic for Peak’s future and for the benefits that will come from a focused business, including improved innovation, customer service and growth that will benefit our customers and employees. Audax remains a steadfast partner looking to enhance and scale Peak; we have an exciting future ahead.”