Industrial Growth Partners (“IGP”) has sold Climax Portable Machine Tools (“Climax”) to Specialized Fabrication Equipment Group LLC, a portfolio company of Gladstone Investment Corporation (NASDAQ: GAIN), in a transaction that closed on October 19, 2023.

Headquartered in Newberg, Oregon, Climax is a leading designer and manufacturer of portable machine tools, welding systems, and valve testing and repair systems. The products are used for non-discretionary, on-site, high-precision machining of critical infrastructure assets and equipment. During IGP’s ownership, Climax made strategic investments to expand its addressable market and geographic reach, develop new products, improve its sales organization and go-to-market strategy, and improve customer service.  Climax also completed two strategic add-on acquisitions which added new markets and product technologies.