Privet Fund Management LLC has acquired Hardinge Inc., a global provider of metal-cutting machine tool solutions and accessories. Under the terms of the agreement, Privet acquired all shares of Hardinge common stock not currently owned by Privet for $18.50 in cash, for a total transaction value of approximately $245 million.

Hardinge designs and manufactures metal cutting machine solutions and aftermarket tooling and accessories for customers and partners in over 65 countries worldwide. The company offers a product portfolio of high-precision CNC turning, milling and grinding machines, as well as workholding and accessory products.

“Hardinge has been an established global brand and solutions provider to manufacturers for over 100 years,” says Chuck Dougherty, president and CEO of Hardinge. “Privet understands and appreciates the opportunities for growth in our industry and we are excited to partner with them. This deal will enable us to better focus on long-term growth and performance of our business.”

“Hardinge has been on the forefront of innovation with a full spectrum of advanced machine tool solutions and we are thrilled to work with the management team to further the company’s leadership position,” says Ryan Levenson, principal of Privet Fund Management. “We’ve been extremely impressed with the depth of the leadership team and the company’s strong market position, and are confident that we can help expand and accelerate the business and create even greater value for Hardinge’s customers and partners worldwide.”

In addition, Hardinge announces the relocation of its global headquarters from Elmira, New York to Berwyn, Pennsylvania located in the Philadelphia area. The relocation of corporate functions to the Philadelphia area increases the ability to service customers and grow global organization.