Harvey Tool Company obtained an investment from The Riverside Company, a statement about the matter said. Financial terms of the deal were not disclosed.
Rowley, Massachusetts-based Harvey is a specialized cutting tools provider for precision machining applications. Its products are sold to various end markets through a vast distribution network. It has over 9,000 cutting tools of different sizes, geometric characteristics and coatings. Production plants and machine shops in North America and the rest of the world rely on Harvey's carbide milling tools. Because of its quality, exemplary customer service, robust development capabilities of new products and impressive stock levels, Harvey was able to attain extraordinary growth, the statement said.
The Riverside Company Partner Chris Jones said in the statement, "Harvey has a remarkable record for growing both its product lines and gaining share in the specialty cutting tool market. The company has strong and growing brand awareness and is highly valued by customers." He added that the company is "very well-run" and that they are looking forward to working with Harvey President and Chief Executive Officer Pete Jenkins, Chief Operating Officer Sam Ward and other members of the management team to grow the specialized cutting tools provider, the statement said.
Together with Jones, Riverside Vice President Ben Davis, Senior Associate Justina Wang, Associate Alex Treece and Operating Partner Mike Thompson worked on the deal from Riverside. The opportunity was sourced by Jim Butterfield, the Origination Principal while Riverside Partner Anne Hayes handled financing the deal for the company, the statement said.
Funding for the transaction came from GE Antares Capital and Ares Capital Corporation with Jones Day advising Riverside. A global private equity firm, The Riverside Company looks for opportunities in growing companies that are valued as much as $250 million. Established in 1988, there are over 70 firms in its international portfolio, the statement said.
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