Trimble has entered into a definitive agreement to sell its Time and Frequency, LOADRITE, Spectra Precision Tools, and SECO accessories businesses to Precisional LLC. The divestiture is in line with Trimble's strategy to focus on areas core to its long-term growth and strategic product roadmap. 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.
"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."
TJC, a private equity firm, is completing the acquisition in partnership with Drew Ladau to form Precisional LLC, ("Precisional"), a global platform focused on precision measurement and data solutions.
The Time and Frequency products use the accuracy of GNSS clocks to provide precise time, synchronization, and frequency reference signals for many industries and applications. Communication systems, data centres, financial networks, utilities, factory automation, security, and other infrastructure rely on precise timing for synchronization and operational efficiency.
The Spectra Precision Tools business designs and manufactures levelling, positioning, and alignment instruments used for general, exterior, and underground construction. The instruments incorporate laser and optical technology for general contractors and specialty contractors serving large and small commercial job sites as well as residential builders and remodelers.
The LOADRITE business offers accurate 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. The products improve user efficiency by weighing products while they are on a vehicle or belt, eliminating the need for a separate trip to a fixed scale location.
The SECO business designs and manufactures a wide variety of accessory products used inconjunction with surveying and construction instruments. The portfolio of accessory products includes tripods, telescopic poles, prisms, carrying cases, GPS antenna poles, safety vests, and levelling rods.
LOADRITE, Spectra Precision Tools and the SECO businesses have been reported as part of Trimble's buildings and infrastructure segment. The Time and Frequency business has been reported as part of Trimble's geospatial segment.
Orrick acted as legal advisor and Lincoln International acted as financial advisor to Trimble. Mayer Brown acted as legal advisor and BMO Capital Markets acted as financial advisor to TJC.
