Rowley, Mass. – Harvey Performance Company (“Harvey” or the “Company”), a leading designer and manufacturer of specialized cutting tools for precision machining applications, today announced that it has secured a majority investment from Boston-based Berkshire Partners (“Berkshire”). Berkshire partnered with Harvey’s CEO Pete Jenkins and the Harvey management team to acquire the Company from Summit Partners, which invested in 2017. Additional terms of the transaction were not disclosed.
Harvey’s products provide industry-leading performance and increase productivity for manufacturing and metalworking customers. Through five world-class brands
- Harvey Tool, Helical Solutions, Micro 100, Titan USA, and CoreHog -- the Company serves a variety of industries with strict and demanding production requirements, including aerospace and defense, electronics, medical devices, telecommunications, and general machining.
“We look forward to working with the Berkshire Partners team,” said Pete Jenkins, Chief Executive Officer of Harvey. “They have deep experience in building strong industrial businesses like ours and bring distinctive expertise and resources to support our strategic growth. I also want to thank the team at Summit Partners for their support over the last four years, partnering with us on organic growth, multiple acquisitions, and product development.”
“We are thrilled to partner with the Harvey team, whose deep commitment to product innovation and service excellence continues to drive their growth,” said Mike Ascione, Managing Director at Berkshire Partners. “The Harvey business system is a proven, best-in-class model for driving growth and creating meaningful value for all stakeholders. Harvey is also a company that understands the value of broad employee engagement and ensuring an equitable and inclusive culture so that all employees benefit from their hard work.”
“We’ve enjoyed partnering with Pete and his senior leadership team over the past several years to help drive significant organic and acquisition-driven growth in the business,” said Jay Pauley Managing Director at Summit Partners. “We are proud to have partnered with Harvey and look forward to watching their continued growth.”
Paul, Weiss and Guggenheim served as legal and financial advisors, respectively, to Berkshire on the transaction. Kirkland & Ellis and Piper Sandler served as legal and financial advisors to Summit Partners.
About Harvey Performance Company
Harvey Performance Company strives to offer unique and innovative products to solve the most challenging machining requirements. Its distinct brands, Harvey Tool, Helical Solutions, Micro 100, Titan USA, and CoreHog serve specialty needs and markets with a shared commitment to delivering high quality products and superior service. The brands offer a broad range of products and services that help support machinists, engineers, and CNC programmers while giving their shops a competitive advantage. Harvey Performance Company has a proud history of doing business the right way – offering fast, friendly service; providing comprehensive product support; and treating customers, suppliers, and shareholders in a way that builds strategic, strong, and enduring relationships. For more information, visit www.harveyperformance.com.
About Berkshire Partners
Berkshire Partners, a Boston-based firm, has 35 years of investment history. Berkshire Private Equity has made more than 135 private equity investments since its inception and has a strong history of partnering with management teams to grow the companies in which it invests. Berkshire Partners has been an active investor in high-quality, industrial growth businesses for many decades; example investments include Advanced Drainage Systems, Consolidated Precision Products, National Carwash Solutions, Parts Town, SRS Distribution, and TransDigm. The firm also invests in consumer, communications, healthcare, services, and technology companies. For additional information, and to see a full list of the firm’s private equity investments, visit www.berkshirepartners.com or follow on LinkedIn.
About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $42 billion in capital dedicated to growth equity, fixed income, and public equity opportunities. Summit invests across growth sectors of the economy and has invested in more than 550 companies in technology, healthcare, and other growth industries. These companies have completed more than 175 public equity offerings, and more than 200 have been acquired through strategic mergers and sales. Notable industrial growth companies backed by Summit include Grand Design RV, FineLine Technologies, Markforged, Parts Town, ProGlove and Vivint. Summit maintains offices in North America and Europe and invests in companies around the world. For more information, please see wwww.summitpartners.com or follow on LinkedIn.
Source: Harvey Performance Company