Summit Park Recapitalizes Leading Supplier of Parts for CNC Systems
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Summit Park is pleased to announce the recapitalization of Tennessee Industrial Electronics ("TIE" or the "Company"), a leading supplier of new and refurbished parts for computer numerical control ("CNC") systems for the machine tool industry.
Founded in 1992 by Bobby Haynes, TIE provides parts and repairs for FANUC CNC systems. With over 50,000 FANUC drives, motors, and controls in inventory, the Company provides next-day delivery to machine tool users throughout the United States. TIE differentiates itself through its large inventory of hard-to-find and critical parts and just-in-time availability, which reduces its customers' machine downtime. The Company is headquartered in La Vergne, Tennessee.
"We are very excited to partner with Bobby Haynes and the entire team at TIE, and we look forward to working together to build on the Company's historical success," said Bob Calton, Managing Partner at Summit Park. Bobby Haynes, founder of TIE, added, "Summit Park is an excellent fit for TIE, and we look forward to working with them to execute on our growth plan going forward."
As a part of the transaction, Douglas Peterson, a former executive at GE Fanuc Intelligent Platforms with responsibility for the CNC Business division, and Douglas Albert, also a former executive at GE Fanuc with responsibility for the Embedded Systems division, will join the leadership team of TIE. Mr. Peterson and Mr. Albert bring a breadth of experience in the aftermarket machine tool and industrial aftermarket parts industries.
The transaction marks Summit Park's first investment in its second fund, Summit Park II, L.P. ("SP II"), and the initial closing of the fund occurred concurrent with the closing of the TIE transaction. Limited partners participating in the initial closing of SP II include J.P. Morgan Asset Management and Private Advisors. Babson Capital Finance provided the debt financing for the transaction, and TIE was represented by CCG Advisors, an Atlanta-based investment banking firm.
Please reach out to Rachel Hannon at (704) 654-3400 ext. 240 or email@example.com with any questions about Summit Park, its portfolio companies, or investment opportunities.
About Summit Park
Summit Park is a Charlotte, North Carolina based private investment firm focused exclusively on lower middle market businesses. The firm invests across a wide range of industries, including business services, outsourced services, light manufacturing and distribution. Summit Park targets businesses with revenue between $20 and $100 million and located in the Mid-South, Mid-Atlantic and Southeastern regions of the United States. www.summitparkllc.com
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