Summit Park Announces Sale of Tennessee Industrial Electronics
Summit Park is pleased to announce the sale of its portfolio company, Tennessee Industrial Electronics ("TIE" or the "Company"), to Diploma, PLC. Headquartered in LaVergne, Tennessee, TIE is a leading provider of refurbished parts and repair services, specializing in computer numerical control ("CNC") systems and robotics.
Founded in 1992, TIE initially focused on the refurbishment of controls, motors and drives for CNC systems and has grown to become one of the largest providers of aftermarket support for CNC automation in North America. Through a series of acquisitions during Summit Park's ownership, the Parker Group, Master Robotics, and Robots.com, the Company expanded its geographic footprint and capabilities into industrial automation parts, repair, and robotics.
Bob Calton, co-Managing Partner at Summit Park 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."
Tony Wisniewski, CEO of TIE added, "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 aftemarket 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."
The transaction marks Summit Park's sixth exit from its second fund, Summit Park II. Lincoln International served as financial advisor and McGuireWoods LLP acted as legal advisor to TIE and Summit Park in connection with this transaction. Lazard served as the financial advisor and Foley & Lardner LLP served as legal advisor to Diploma PLC.
About Tennessee Industrial Electronics
Tennessee Industrial Electronics is a leading provider of aftermarket parts and repair services for CNC and automated systems. With operations in La Vergne, Tennessee, and Almont and Clinton Township, Michigan, TIE has taken its core model of deep industry expertise, outstanding customer service and unmatched response time to serve multiple parts of the industrial automation aftermarket including CNC, Robotics and Process Automation. For more information, visit www.tieindustrial.com.
About Summit Park
Summit Park is a Charlotte, North Carolina-based private investment firm focused exclusively on the lower middle market. The firm invests across a range of industries, including services, consumer, and industrial growth. The Firm has made over 40 investments in the lower middle market totaling more than $2 billion in total enterprise value. The firm's capital can be used to facilitate a change in ownership, to support expansion and growth, to provide partial liquidity to existing owners, or to support an industry consolidation plan. For more information, visit www.summitparkllc.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230317005264/en/