Trimble selling businesses to Precisional
By Adam FreillConstruction Equipment Equipment Technology
Agreement impacts several brands within the construction space.
Industrial technology company Trimble has entered into a definitive agreement to sell its Time and Frequency, Loadrite, Spectra Precision Tools and SECO accessories businesses to Precisional LLC, an affiliate of private equity firm The Jordan Company (TJC).
In an announcement, Trimble explained that the sale is in line with the company’s strategy to focus on areas core to its long-term growth and strategic product roadmap.
Spectra Precision Tools manufactures levelling, positioning and alignment instruments used for general, exterior, and underground construction. The instruments incorporate laser and optical technology for use on large and small commercial jobsites as well as residential projects.
SECO makes a variety of accessory products used in conjunction with surveying and construction instruments, including tripods, telescopic poles, prisms, carrying cases, GPS antenna poles, safety vests and levelling rods.
Loadrite offers scales for loaders, excavators, conveyor belts, tractors, refuse trucks and forklifts that connect with payload-reporting and monitoring systems for the waste, quarry and aggregates industry.
And the Time and Frequency brand serves industries that rely on precise timing for synchronization and operational efficiency.
Loadrite, Spectra and SECO have been reported as part of Trimble’s buildings and infrastructure segment, while Time and Frequency has been reported as part of the company’s geospatial segment.
“We are continually evaluating our product portfolio as we work on the execution of Trimble’s Connect and Scale 2025 strategy,” said Rob Painter, president and CEO of Trimble. “Trimble is focusing its efforts on the company’s connected industry platforms and digital transformation capabilities, making Precisional and TJC an ideal fit for the growth of the businesses.”
“The Trimble businesses, which will join Precisional, have a long heritage of innovation, and each is a leader in the markets it serves,” said Drew Ladau, CEO of Precisional. “I’m excited to build upon this strong foundation.”
His plans include accelerating the pace of innovation and growth at each of the four brands.
“The acquisition of four industry-leading businesses from Trimble by Precisional forms the foundation of a new platform focused on precise measurement and analytical insights to improve productivity across a broad range of applications that rely upon accuracy and reliability,” said Erik Fagan, partner at TJC.
The transaction is subject to a number of customary closing conditions and is expected to close in the second quarter of 2022. Financial terms were not disclosed.