Milwaukee-based industrial tools and technology company, Enerpac Tool Group, acquired SFE Group for about $472 million.

Enerpac Tool made the announcement July 7 saying the purchase aligns with its "strategic priorities and financial criteria."

"SFE Group is exactly the type of high-quality, growing business that we have been seeking: a premium brand platform with strong margins, complementary market position, a demonstrated track record of both organic and inorganic growth, and a platform for meaningful future growth potential," Paul Sternlieb, Enerpac Tool Group's president and CEO, said in a statement.

"The acquisition of SFE Group will advance Enerpac Tool Group's pure-play industrial tools and solutions strategy by expanding our presence in attractive industrial tools categories while creating opportunities to leverage our scale, technical and applications expertise, and customer and channel partner relationships."

He said the acquisition would expand Enerpac's "total addressable market by approximately $1 billion."

SFE Group is headquartered in Houston and is a global provider of specialized fabrication, welding, portable machining and material-handling equipment.

"Joining Enerpac Tool Group marks an exciting chapter for our team. It will give us the resources, operational rigor, and platform to accelerate investments in innovation while continuing to deliver top-tier solutions for our customers and partners," said Vinay Varma, CEO of SFE Group, who will continue to run the business as president of SFE Group.

The deal plans to be financed with cash and debt, and is expected to close in the first quarter of 2027.

Enerpac Tool Group is headquartered in Milwaukee and has 2,100 employees globally, about 130 are based in the greater Milwaukee area .

This article originally appeared on Milwaukee Journal Sentinel: Enerpac Tool Group acquires SFE Group for $472 million