600 Group Has Sold Its Machine Tool Solutions Division to Timesavers
HOUSTON, April 25, 2022 – GulfStar Group ("GulfStar") is pleased to announce the cross-border sale of the Machine Tool Solutions Division of 600 Group PLC (“600 Group” or the “Company”) to Timesavers Acquisition, LLC (“Timesavers”), a portfolio company of TJM Capital Partners (“TJM”). The sale included 600 UK Limited, Colchester GmbH, 600 Machinery Australia Pty Ltd and Clausing Industrial, Inc. GulfStar served as the exclusive financial advisor to 600 Group throughout the transaction, which closed on March 31, 2022.
The 600 Group (ASE: SIXH.L) is a diversified engineering group with a world class reputation in the manufacture and distribution of machine tools, precision engineered components and laser industrial systems. The Company is headquartered in the United Kingdom and operates from locations in North America, Europe and Australia, selling into more than 100 countries worldwide. The Machine Tool Solutions Division has a strong reputation in the market for metal turning machines with products ranging from small conventional machines for education markets, CNC workshop machines and CNC production machines.
"The disposal of our Machine Tool Solutions Division completes our strategic shift to the higher margin industrial laser system businesses, which continue to deliver new customer wins and carry a record order book,” said Paul Dupee, chairman of 600 Group. “With our net cash position, we now have additional resources and are well placed to capitalize on the opportunity in this highly attractive, yet fragmented, market through organic and inorganic growth strategies. We are truly grateful for GulfStar’s guidance, dedication and support throughout the transaction.”
For 75 years, Timesavers has been producing wide belt, abrasive finishing machines for surfacing wood, metal, plastics and a wide range of other materials. Timesavers is a pioneer in sanding technology for the woodworking and machine tool industries and has the largest worldwide installed base of machines. Superior product performance, exceptional customer service, and unequalled technical field support service makes Timesavers the market leader.
“We were honored to help 600 Group find the right buyer for the companies in this division,” said Kent Kahle, managing director of GulfStar. “This acquisition is a win-win for both parties providing Timesavers with additional branded products with global distribution, while strategically allowing 600 Group to focus on its laser business.”
The GulfStar team was led by Managing Director Kent Kahle with support from Senior Vice President Charlie Craig; Associates Jay Lee and Andrew Winters; and Analyst Luis Barrera.
About TJM Capital Partners
Founded in 2008, TJM is a private investment firm that invests in established middle and lower middle-market businesses looking to substantially grow and realize shareholder value. TJM has a fully supported management team backed by a select group of committed capital sources – including family offices, high net worth individuals, and a diverse set of first-generation (G1) investors – as a different type of private investment firm.
About GulfStar Group
GulfStar is a leading middle market investment bank headquartered in Houston. GulfStar specializes in providing merger and acquisition advisory services, institutional private placements of equity and debt, and general corporate finance advisory services to companies with revenues or enterprise values generally ranging from $25 million to $350 million. Since its formation in 1990, GulfStar has completed approximately 750 transactions in 36 states and 16 foreign countries across a variety of industries.