NEW YORK, July 23, 2014 /PRNewswire/ -- In partnership with management, GenNx360 Capital Partners, a New York-based private equity fund investing in middle market industrial manufacturing and business services companies, announced today its investment in Tooling Technology Holdings, LLC ("Tooling Tech" or the "Company"). Tooling Tech is a manufacturer of complete tooling solutions and automation systems utilizing a variety of material forming processes such as compression molding, thermoforming, and blow molding. The Company serves a customer base that includes Tier I and II automotive suppliers, as well as consumer and industrial products companies. Tooling Tech has fully integrated operations with design, pattern-making, prototyping, machining, casting and finishing capabilities. Founded in 1982 and headquartered in Fort Loramie, Ohio, Tooling Tech employs approximately 100 people across its production facilities in Fort Loramie and Fremont, Ohio, and an engineering design facility in Grand Rapids, Michigan. The transaction represents the third investment for GenNx360 Capital Partners' Fund II. Terms of the transaction were not disclosed.
Tooling Tech has experienced significant growth and has identified the opportunity to expand its services and capabilities in both its existing markets and adjacent sectors. "As we enter our next phase of growth, we are extremely excited to partner with GenNx360. Its significant experience in growing companies, its industry relationships and deep operational expertise will help us immensely in our continued growth efforts," said Tooling Tech's Founder and CEO, Tony Seger.
"We strongly believe in the megatrends that drive Tooling Tech's business. Re-shoring of industrial manufacturing to the U.S. and strong automotive trends will continue to drive industry growth," says Matt Guenther, the GenNx360 Partner who led the transaction. He added, "With its multiple processing capabilities, excellent track record and customer responsiveness, Tooling Tech is well positioned to benefit from continuing market demand. We expect to build on Tooling Tech's strengths by leveraging our operational expertise and executing on identified opportunities, both organically and through add-on acquisitions."
About GenNx360 Capital Partners
GenNx360 Capital Partners is a private equity firm focused on investing in industrial manufacturing and business services companies in the middle market. It applies years of Fortune 50 operational and leadership experience to these investments to help drive growth and value creation. The firm primarily focuses on opportunities in the industrial machinery and components, oil and gas, logistics and supply chain management, agricultural, specialty chemicals, and aerospace sectors. GenNx360 was founded in 2006 and is headquartered in New York City.
For more information about GenNx360, please visit: www.gennx360.com
About Tooling Technology Holdings, LLC
Tooling Technology Holdings, LLC, founded in 1982 and headquartered in Fort Loramie, Ohio (www.toolingtechonline.com) is a leading supplier of high-quality tooling for a variety of material forming processes including: thermoforming, twin-sheet and single-sheet vacuum forming, pressure forming, compression molding, rotational molding, blow molding, resin transfer molding, rubber and polyurethane molding, carpet and metal stamping, foundry tooling and pulp molding. The full range of in-house capabilities, including patterns, models, cast tooling, finishing, CNC machining as well as design and engineering, provides customers with a complete, one-stop solution for their tooling needs.
For media inquiries about this press release, please contact:
GenNx360 Capital Partners
Carmen Rojas, Investor Relations Manager
Email: [email protected]
Tel: +1 212.257.6772
SOURCE GenNx360 Capital Partners