ATA (Cavan, Ireland) announced that it has acquired Germany-based cutting and industrial tooling company Karnasch Professional Tools. The financial details of the deal were not disclosed.
The acquisition brings the company’s value to about €160 million while also bringing its employee count to nearly 400 across the world.
“We have long admired the professionalism of the Karnasch family and have greatly respected their clear market leadership. ATA is delighted to combine forces with a company of this caliber and reputation and look forward to having the benefit of their obvious expertise within the expanded organization,” ATA CEO Peter Cosgrove said in a press release. “This transaction is entirely consistent with our strategy to build a global company of scale in this industry and we look forward to delivering on the many markets and product synergies that now become available. We are very pleased to have the continued support of our banks, and of DCF, and to have now secured the support of ISIF, who we view as an important supporter of our ambitious growth strategy.”
Karnasch is a third-generation, family-owned company that sells precision industrial tools for grinding, milling, cutting, sawing and drilling. It currently exports to over 60 countries.
“We are very pleased to be able to join with ATA who we know well and have hugely regarded for over 20 years,” Michael Karnasch, managing director, said. “ATA is a progressive industry leader. We believe that our new combination provides many excellent opportunities to accelerate for growth, both for our business and for our employees.”