DBW Holdings — the parent company of Diamond Blade Warehouse and portfolio company of Granite Creek Capital Partners — announced Dec. 13 it has acquired Peak Toolworks, a manufacturer and servicer of diamond and carbide precision cutting tools based in Machesney Park, IL.

Peak joins Diamond Blade Warehouse (Vernon Hills, IL) under the DBW Holdings umbrella, and both companies will remain dual operating businesses.

DBW said the acquisition expands its ability to provide products to customers in attractive end markets that include infrastructure, construction trades, building products, automotive and manufacturing.

The transaction was completed in partnership with Canterbury Ventures, which is the investment arm of James M. Farrell and W. James Farrell, Hidden River Strategic Capital and Muzinich BDC, Inc. 

With the acquisition, W. James Farrell will continue as Chairman of DBW Holdings, and James M. Farrell will lead the consolidated day-to-day operations as CEO.

W. James Farrell was the longtime Chairman and CEO of Illinois Tool Works.

“The addition of Peak and its complementary assets establishes a combined entity comprising world-class employees, exceptional customers and a diverse portfolio of products and end markets,” James M. Farrell said in a news release. “With a strong foundation already in place, we look forward to applying our 80/20 operating principles to drive efficiencies and growth for the combined company.”