Addition strengthens Solve’s portfolio and expands its ability to serve customers across North America.
CHARLOTTE, N.C., December 16, 2021–(BUSINESS WIRE)–Solve Industrial Motion Group (“Solve”), a portfolio company of Audax Private Equity, has acquired Bearings Limited, a leading manufacturer of bearings and power transmission components under the Tritan brand.
Headquartered in Hauppauge, N.Y., Bearings Limited has an extensive offering of more than 25,000 Tritan products and services customers from six regional locations, including Los Angeles; Chicago; Houston; Atlanta; Columbus, Ohio; and Hauppauge, N.Y.
“We are excited to grow our platform of Solve brands,” said Lisa Mitchell, Chief Executive Officer of Solve. “Bearings Limited and the Tritan line are a natural fit in terms of manufacturing and commercial operations that also share our focus on providing superior customer service.”
“We are proud of the company that our family has built over the years,” said Mark Magray, Senior Vice President at Bearings Limited. “Today is a turning point for us and we are excited to begin our next chapter as a member of the Solve family. We believe the partnership will be a win-win opportunity for our dedicated employees, customers, dealers, and distributors.”
In 2020, the Solve brand was established, bringing P.T. International (“PTI”) in North Carolina, IPTCI Bearings in Minnesota, and LMS Bearings in Colorado together under one umbrella. Tritan is the fourth brand to join the growing portfolio. Solve is a one-stop resource for both metric and American standard power transmission products, serving multiple verticals, including food and beverage, material handling equipment, agriculture, automotive, textiles, mining, building products, and pharmaceuticals.
About Solve Industrial Motion Group
Solve Industrial Motion Group (Solve) manufactures and sells bearings and power transmission component parts for the food and beverage, agriculture, mining, steel, automotive, textiles, wood products, lawn and garden, and pharmaceuticals, among others. Solve’s brand portfolio includes P.T. International, IPTCI Bearings, and LMS Bearings, and represents more than 25,000 products available from five regional stocking locations. Solve Industrial Motion Group is a privately held company based in Charlotte, North Carolina. For more information, please visit solveindustrial.com.
About Bearings Limited
Since 1947, Bearings Limited has been dedicated to providing bearing and power transmission distributors with high-quality products and a level of service unmatched in the industry. Based in Hauppauge, N.Y., Bearings Limited manufactures Tritan Power Transmission Products. Bearings Limited operates out of six regional stocking locations and reaches end users through an expansive distribution partner network with over 3,000 locations. For more information, please visit bearingslimited.com and tritanpt.com.
About Audax Private Equity
Audax Group is a leading alternative investment manager with offices in Boston, New York, and San Francisco. Since its founding in 1999, the firm has raised over $30 billion in capital across its Private Equity and Private Debt businesses. Audax Private Equity has invested over $8 billion in more than 145 platforms and over 1,000 add-on companies, and is currently investing out of its $3.5 billion, sixth private equity fund. Through its disciplined Buy & Build approach, Audax Private Equity seeks to help platform companies execute …….