Menomonee Falls-based
Enerpac Tool Group, a manufacturer of high-pressure hydraulic tools and other industrial tools, has sold its Cortland Industrial business to Toronto-based Tufropes in a $20 million deal.
Tufropes is a manufacturer of high-performance synthetic fiber ropes and netting solutions for global aquaculture, maritime, and other industrial customers. The company is a subsidiary of the holding company Aimia Inc.
Cortland Industrial is a designer, manufacturer and supplier of technology-driven synthetic ropes, slings and tethers to the aerospace and defense, marine, renewables and other industrial end markets. The business generated $26.2 million of revenue in fiscal year 2022.
Enerpac plans to use the net proceeds from the sale to pay down existing debt and support further strategic investments in growth and profitability. The company will instead focus on investing in and growing its Cortland Biomedical business, a full-service biomedical textile product development company.
“With this transaction, we are continuing to sharpen Enerpac Tool Group’s pure-play focus," said
Paul Sternlieb, president and chief executive officer of Enerpac. "At the same time, we are pleased to have completed a competitive process for Cortland Industrial that culminated in this value-maximizing transaction and provides a strong new home in Tufropes for our Cortland Industrial team members.”
As a part of the purchase agreement, Enerpac will provide certain transition services to Tufropes for a limited period.
“Cortland will be a cornerstone within our company’s premium product lineup, solidifying our position as a leader in high modulus polyethylene fibers and customized solutions," said
Jack Wang, president of Tufropes. "With an impressive assortment of patents and trademarks, Cortland brings a rich history and outstanding technical expertise that aligns with our broader investment thesis of synthetic fiber rope replacing legacy steel alternatives."
