Solve Industrial Motion Group, the Charlotte, N.C.-based bearings manufacturer, has been acquired by Audax Private Equity. Financial terms of the deal weren’t disclosed.
“This new milestone affirms our strong go-to-market strategy and brand evolution,” said Lisa Mitchell, CEO of Solve. “With Audax’s support, knowledge, and expertise, we hope to drive further global expansion into the broader power transmission and electric motion markets. We are excited to begin this next chapter of growth.”
Solve formed last year when three power transmission and bearings suppliers — P.T. International (PTI), Charlotte, North Carolina; IPTCI Bearings, Chanhassen, Minnesota; and LMS Bearings, Lafayette, Colorado — united under the new master brand.
“Solve is well-positioned to capture additional market share with OEMs and distributors globally through organic growth and acquisitions,” said Joe Rogers, managing director at Audax. “We are thrilled to be partnering with Lisa Mitchell and the broader Solve team to help accelerate growth and scale the business.”