New York private equity firm GenNx360 Capital Partners has partnered with management to buy Tooling Technology Holdings LLC, a diversified Ohio-based maker of tooling, the fund announced July 23.
Tooling Technology employs about 100 at plants in Fort Loramie and Fremont, Ohio, and an engineering design operation in Grand Rapids, Mich.
Terms were not disclosed. GenNx360 officials were not available for comment.
Founded in 1982, Tooling Technology builds thermoforming, blow molding and compression molds for automotive suppliers and customers that make consumer and industrial products — including large molds for hot tubs, kayaks and boat hulls. The company, based in Fort Loramie, does mold design and prototyping, pattern making, CNC machining, casting and finishing.
In 2011 Tooling Technology bought FPM Tooling and Automation, formerly known as Fremont Plastic Molds, to expand into blow mold tooling and automation equipment for trimming, assembly, welding, vision inspection, robotics and packaging systems.
Tooling Technologies also provides quick-change systems for thermoforming, since picking up Edward D. Segen & Co. LLC in 1999.
Tooling Technology had been owned by Chicago-based Cognitive Capital Partners LLC.
GenNx360 focuses on middle-market manufacturing firms. Tooling Technology is the third investment for GenNex360 Capital Partners Fund II.
Matt Guenther, the GenNx360 partner who led the transaction, said the private equity owners want to grow the company organically and through add-on acquisitions.
“We strongly believe in the megatrends that drive Tooling Tech's business. Reshoring of industrial manufacturing to the U.S. and strong automotive trends will continue to drive industry growth,” Guenther said.
“As we enter our next phase of growth, we are extremely excited to partner with GenNx360,” said Tony Seger, Tooling Technology's founder and CEO. “Its significant experience in growing companies, its industry relationships and deep operational expertise will help us immensely in our continued growth efforts.”