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Cross Equity Partners sells Swiss Tool Systems

Swiss private equity firm Cross Equity Partners AG and other private owners of Swiss Tool Systems AG sold the company to Oxford, Conn.-based RBC Bearings Inc. for approximately CHF33.0 million.

The transaction was financed through cash on hand and debt.

RBC Bearings is a manufacturer of highly engineered precision bearings and components and Swiss Tools supplies modular tooling systems and high-precision boring and tuning solutions for metal cutting machines.

Raiffeisen Switzerland acted as the exclusive financial adviser to RBC Bearings.