Back To News

Tecum Capital Announces Investment in SMX Industrial Solutions

Pittsburgh, PA (October 3rd, 2023) – Tecum Capital (“Tecum”) is excited to announce its investment in SMX Industrial Solutions.

Tecum Capital provided debt and equity capital to support Emko Capital (“Emko”) in the recapitalization of two iconic metal fabrication equipment brands — Scotchman Industries and Steelmax Tools — and the creation of SMX Industrial Solutions. SMX Industrial Solutions, the newly formed holding company, will enable Scotchman and Steelmax to bring a broader portfolio of industry-leading solutions to customers while maintaining each company’s strong individual identity and expertise.

The new company will leverage Scotchman’s and Steelmax’s existing product portfolio, internal technology development and additional acquisitions to offer a comprehensive and expanding portfolio of steel fabrication tools and solutions to customers in a broad array of industries, including manufacturing, construction, and energy.

“We are excited to announce the combination of Scotchman Industries and Steelmax Tools and the immense potential this combination holds for these two companies, their communities and our customers,” said Kevin Allen, CEO of SMX Industrial Solutions. “This combination brings together two companies with long histories of product innovation and commitment to customer service. Together, we will offer our customers an even broader range of fabrication products and services, as well as the expertise and support they need to succeed.”

“For nearly 60 years, Scotchman Industries has provided world-class products and services to help our customers operate their shops as efficiently and profitably as possible,” said Jerry Kroetch, President and second-generation owner of Scotchman. “We believe that the combination of Scotchman Industries and Steelmax Tools will strengthen our roots as an American manufacturer and allow us to serve our customers and our community for the next 60 years and we look forward to being a part of that future.”

“Emko Capital is thrilled to support the combination of two iconic brands in the metal fabrication and welding industries, and we look forward to contributing to the continued growth of both businesses and formation of SMX Industrial Solutions.” Said Dean Emmerton, Managing Partner of Emko Capital.

Stephen Gurgovits, Jr., Managing Partner of Tecum, stated, “Tecum is thrilled to partner with Emko in supporting and investing in U.S. manufacturing during this exciting period of resurgence.”  Tyson Smith, Partner of Tecum, added, “SMX Industrial Solutions is poised to play an important role in the revitalization of American manufacturing in the 21st century.”

Scotchman Industries, based in Philip, SD, is a market leading manufacturer of hydraulic ironworkers, cold saws and hydraulic presses.  The company has a legacy of more than five decades and is renowned for its commitment to quality, innovation, and customer satisfaction.

Steelmax Tools, with operations in Colorado and Pittsburgh, Pennsylvania, is a key supplier of fabrication and welding mechanization solutions, including magnetic drilling machines, plate and pipe bevelers and trackless and track-mounted welding carriages.

Stephen Gurgovits, Jr., Tyson Smith, Jack Surma, and Zac Forsyth led the investment team at Tecum.

About Tecum Capital

Tecum Capital is a Pittsburgh, Pennsylvania-based private investment firm deploying capital in lower middle-market companies. Tecum provides mezzanine debt and equity investments in growth-oriented middle-market companies across the broader high-value manufacturing, value-added distribution, and business services sectors. Our team partners with independent sponsors, family offices, committed funds, business owners seeking succession plans, and management teams to create shared success. Tecum manages two Small Business Investment Company (“SBIC”) licensed funds and is currently investing out of Tecum Capital Partners III, L.P, a $305 million fund launched in September 2021. Since 2006, the team has collectively invested more than $1 billion in over 150 platforms and add-on acquisitions. For more information, please visit

About Emko Capital

Emko Capital, with offices in Charlotte, NC, and Philadelphia, PA, is a leading middle market private equity firm specializing in investments in American industrial companies. With a strong belief in the value and strength of American manufacturing, Emko partners with business owners to create value and long-term success.