L Squared Capital Partners led the recapitalization of GWS Tool Group, a provider of cutting tools mainly to the aerospace and defense, power generation, automotive and medical markets.
The private equity firm partnered with GWS' management and the consumable cutting tool company's existing financial backer, Addison Capital Partners, on the equity investment.
GWS will use the new capital to advance its acquisition strategy, expedite its geographic expansion and accelerate its investment in its workforce and facilities.
The transaction marks L Squared's 10th platform investment over the past five years. Varagon was administrative agent, sole lead arranger and sole book runner on a $74 million uni-tranche credit facility to support the transaction.
Vedder Price was legal adviser to L Squared. Piper Jaffray was an adviser to GWS, with Akerman LLP providing legal counsel.
