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L Squared Capital Partners, a Newport Beach-based private equity firm, said it’s selling the GWS Tool Group to Swedish manufacturing giant Sandvik AB.

GWS Tool Group, a provider of highly engineered consumable cutting tools with headquarters in Florida,, will be under the Walter division within the Sandvik Manufacturing and Machining Solutions.

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“We are grateful for our partnership with the executive leadership team at GWS, notably Rick McIntyre as CEO,” said Randall Hunt, a partner at L Squared.

L Squared invested in GWS in 2019, saying it was in a fragmented industry of regional cutting tools. In the past four years, GWS has completed 10 add-on acquisitions that resulted in the company growing revenue from less than $10 million to approximately $100 million. It services primarily the aerospace and defense, power generation, automotive and medical sector

It marks the seventh exit for L Squared Capital Partners, which was formed in 2014. Sandvik AB, which has 37,125 employees worldwide, is a multinational engineering company specializing in a variety of manufacturing and construction industries.