Privet Fund Management LLC, Atlanta, completed the acquisition of Hardinge Inc., a global provider of advanced metalcutting machine tool solutions and accessories. Under the terms of the agreement, Privet acquired all shares of Hardinge common stock not currently owned by Privet for $18.50 in cash, for a total transaction value of approximately $245 million.
Hardinge designs and manufacturers metal cutting machine solutions and aftermarket tooling and accessories for customers and partners in over 65 countries worldwide. The company offers an expansive product portfolio of high-precision CNC turning, milling and grinding machines, as well as workholding and accessory products. Its unique and vast product offerings enable it to provide customers with a full solution to their manufacturing requirements.
“Hardinge has been an established global brand and solutions provider to manufacturers for over 100 years,” said Chuck Dougherty, President and CEO of Hardinge. "Privet understands and appreciates the opportunities for growth in our industry and we are excited to partner with them. This deal will enable us to better focus on long-term growth and performance of our business.”
“Hardinge has been on the forefront of innovation with a full spectrum of advanced machine tool solutions and we are thrilled to work with the management team to further the company’s leadership position,” said Ryan Levenson, Principal of Privet Fund Management. “We’ve been extremely impressed with the depth of the leadership team and the company’s strong market position, and are confident that we can help expand and accelerate the business and create even greater value for Hardinge’s customers and partners worldwide.”
In addition, Hardinge announces the relocation of their global headquarters from Elmira, NY to Berwyn, PA located in the Philadelphia area effective immediately. The relocation of our corporate functions to the Philadelphia area increases our ability to service our customers and grow our global organization.
Financing for the transaction was provided by White Oak Global Advisors, LLC as Administrative Agent and Lead Arranger, Manufacturers and Traders Trust Company and Credit Suisse (Schweiz), AG. BMO Capital Markets Corp. acted as financial advisor and Wachtell, Lipton, Rosen & Katz acted as legal advisor to the Company’s Board of Directors. Robert W. Baird & Co acted as financial advisor and Bryan Cave Leighton Paisner LLP served as legal counsel to Privet in connection with the transaction.
Related Glossary Terms
- chuck
chuck
Workholding device that affixes to a mill, lathe or drill-press spindle. It holds a tool or workpiece by one end, allowing it to be rotated. May also be fitted to the machine table to hold a workpiece. Two or more adjustable jaws actually hold the tool or part. May be actuated manually, pneumatically, hydraulically or electrically. See collet.
- computer numerical control ( CNC)
computer numerical control ( CNC)
Microprocessor-based controller dedicated to a machine tool that permits the creation or modification of parts. Programmed numerical control activates the machine’s servos and spindle drives and controls the various machining operations. See DNC, direct numerical control; NC, numerical control.
- gang cutting ( milling)
gang cutting ( milling)
Machining with several cutters mounted on a single arbor, generally for simultaneous cutting.
- grinding
grinding
Machining operation in which material is removed from the workpiece by a powered abrasive wheel, stone, belt, paste, sheet, compound, slurry, etc. Takes various forms: surface grinding (creates flat and/or squared surfaces); cylindrical grinding (for external cylindrical and tapered shapes, fillets, undercuts, etc.); centerless grinding; chamfering; thread and form grinding; tool and cutter grinding; offhand grinding; lapping and polishing (grinding with extremely fine grits to create ultrasmooth surfaces); honing; and disc grinding.
- metalcutting ( material cutting)
metalcutting ( material cutting)
Any machining process used to part metal or other material or give a workpiece a new configuration. Conventionally applies to machining operations in which a cutting tool mechanically removes material in the form of chips; applies to any process in which metal or material is removed to create new shapes. See metalforming.
- milling
milling
Machining operation in which metal or other material is removed by applying power to a rotating cutter. In vertical milling, the cutting tool is mounted vertically on the spindle. In horizontal milling, the cutting tool is mounted horizontally, either directly on the spindle or on an arbor. Horizontal milling is further broken down into conventional milling, where the cutter rotates opposite the direction of feed, or “up” into the workpiece; and climb milling, where the cutter rotates in the direction of feed, or “down” into the workpiece. Milling operations include plane or surface milling, endmilling, facemilling, angle milling, form milling and profiling.
- turning
turning
Workpiece is held in a chuck, mounted on a face plate or secured between centers and rotated while a cutting tool, normally a single-point tool, is fed into it along its periphery or across its end or face. Takes the form of straight turning (cutting along the periphery of the workpiece); taper turning (creating a taper); step turning (turning different-size diameters on the same work); chamfering (beveling an edge or shoulder); facing (cutting on an end); turning threads (usually external but can be internal); roughing (high-volume metal removal); and finishing (final light cuts). Performed on lathes, turning centers, chucking machines, automatic screw machines and similar machines.
