Sphinx Tools
Swiss precision tools manufacturer Sphinx Tools acquired by Sandvik
A coalition of investors led by Helvetica Capital AG, a Swiss-based private equity firm, and the Sphinx management have today announced the sale of the Switzerland-based Sphinx Tools Ltd and its wholly owned subsidiary P. Rieger Werkzeugfabrik AG ("Sphinx Tools") to Sandvik, the global high-tech engineering group headquartered in Sweden.
Sphinx Tools’ offering primarily consists of precision solid round tools (micro tools) and surgical cutting tools. The customers are mainly within the automotive, aerospace and medical segments. The company will be reported within Sandvik Coromant, a division within Sandvik Manufacturing and Machining Solutions.
“With the acquisition of Sphinx Tools we continue to execute on our shift to growth strategy. Strengthening our position in round tools is one strategic priority for our machining solutions business and with this acquisition we will expand our product portfolio in the high growth area of micro tools”, says Stefan Widing, CEO and President of Sandvik.
Sphinx Tools enhances Sandvik Coromant’s product offering within solid round tools and is an established player in the adjacent surgical cutting tools market. The company is present in Europe with three production sites in Switzerland and has global distribution.
“The acquisition of Sphinx Tools fits very well with our strategy to strengthen our position in round tools. With Sphinx Tools we will have the opportunity to take a global leading position in micro tools, a premium niche of round tools, expand our product portfolio and enter an adjacent area of surgical tools. We are very pleased to welcome Sphinx Tools to the Group”, says Nadine Crauwels, President of Sandvik Machining Solutions.
“The cooperation between Sandvik and Sphinx Tools started a few years back with selected micro precision tools and has grown very successfully since. There is a strong cultural fit between our organisations and becoming part of the Sandvik Group will enable us to benefit from each other’s strengths and reach our goals faster. The Sphinx Tools management team will continue to lead the business and retain overall P&L responsibility while additional opportunities arise for our employees from being part of a worldwide operating group such as Sandvik”, comments Reto Ruettimann, CEO and Member of Board of Directors of Sphinx Tools.
”I am delighted that with Sandvik, we have found a long-term strategic partner for Sphinx Tools committed to continue operating the business under its existing and successful setup in Switzerland. Under Helvetica’s stewardship Sphinx has generated tremendous value for its stakeholders and will be ideally positioned to continue to do so under the new ownership.”, adds Christian Fuessinger, Member of Board of Directors of Sphinx Tools and Managing Partner at Helvetica Capital AG.
Sphinx Tools was founded in 1994, has around 115 employees and is based in Switzerland. In 2021, the company generated revenues of approximately 292 MSEK. The EBITA margin is neutral to Sandvik Manufacturing and Machining Solutions. Impact on Sandvik’s earnings per share will be limited, yet slightly positive. All employees of Sphinx Tools and the three production sites will be retained. The parties have agreed not to disclose the purchase price. The sellers, represented by Helvetica Capital and the Board of Directors of Sphinx Tools, have retained Credit Suisse as exclusive financial advisor and Kellerhals Carrard as legal advisor for the transaction.
For further information from Helvetica Capital, contact Christian Fuessinger, Managing Partner, or Philipp Albers, Investment Director, on phone: +41 55 511 20 20
HELVETICA CAPITAL AG
Helvetica Capital is an independent, entrepreneurial investment firm focusing on small and medium sized companies (SMEs) in Switzerland and neighbouring regions. Helvetica invests in companies and advises both entrepreneurs and investors on financing and succession solutions. The declared goal is the sustainable and long-term development of ‘hidden champions’ through active operational and strategic deployment, as well as the contribution of relevant expertise.
SANDVIK GROUP
Sandvik is a global high-tech engineering group offering solutions that enhance productivity, profitability and sustainability for the manufacturing, mining and infrastructure industries. We are at the forefront of digitalization and focus on optimizing our customers’ processes. Our world-leading offering includes equipment, tools, services and digital solutions for machining, mining, rock excavation, rock processing and advanced materials. In 2021 the Group had approximately 44,000 employees and revenues of about 99 billion SEK in about 150 countries.