Harvey Performance Company

Background

Founded in 1985, Harvey Performance Company is a leading designer and manufacturer of specialized cutting tools for precision machining applications. The company is dedicated to providing world-class products, services, and solutions that enhance productivity for customers in the manufacturing and metalworking industries, including sectors such as aerospace, defense, medical devices, automotive, industrial motors, and telecommunications. Harvey Performance Company operates through five distinct brands: Harvey Tool, Helical Solutions, Micro 100, Titan USA, and CoreHog, each serving unique market needs with a shared commitment to delivering high-quality products and superior service.

Key Strategic Focus

Harvey Performance Company focuses on innovation and quality in the cutting tool industry. The company offers a broad range of products, including miniature end mills, large diameter end mills, material-specific end mills, specialty profiles, holemaking and threading tools, and boring bars. These products are designed to meet the demanding requirements of industries such as aerospace, automotive, defense, energy, medical, and mold-and-die. The company's strategic objectives include continuous product development, expansion into new markets, and maintaining a strong commitment to customer service and technical support.

Financials and Funding

In October 2017, Harvey Performance Company received a majority investment from global growth equity investor Summit Partners. This funding was aimed at fueling ongoing product development and driving new growth initiatives. In November 2021, the company secured a majority investment from Boston-based Berkshire Partners, partnering with CEO Pete Jenkins and the management team to acquire the company from Summit Partners. The terms of these transactions were not disclosed.

Pipeline Development

Harvey Performance Company continually invests in research and development to introduce innovative products that address complex machining challenges. In 2024, the company launched the Valor Holemaking product line, offering a range of American-made, high-performance drills and other holemaking solutions designed for materials like aluminum and steel alloys. This product line was developed to meet the needs of an underserved market segment and exemplifies the company's commitment to innovation.

Technological Platform and Innovation

The company's technological platform is built on advanced manufacturing processes and a commitment to innovation. Harvey Performance Company employs state-of-the-art machinery and rigorous research and development processes to design and produce cutting tools that deliver exceptional performance. The company's proprietary technologies and scientific methodologies include:

Proprietary Technologies: Development of specialized cutting tools tailored to specific industry needs, such as the Valor Holemaking drills designed for high-performance drilling applications.

Significant Scientific Methods: Utilization of advanced simulation and physical testing to ensure product reliability and performance.

Leadership Team

Harvey Performance Company's leadership team comprises experienced professionals dedicated to driving the company's strategic vision and growth:

Brian C. Lavelle: Chief Executive Officer, responsible for overseeing the overall strategy and growth of the company. Lavelle joined Harvey in 2015 as Chief Financial Officer and has held positions of COO and President before becoming CEO.

Peter P. Jenkins: Chairman, with a background in management consulting and a focus on improving operations and performance in industrial products companies. Jenkins served as CEO until 2022 and has been instrumental in the company's growth and acquisitions.

Mark W. Dyas: Chief Financial Officer, overseeing the financial direction of the company. Dyas joined Harvey Performance Company in 2022, bringing over two decades of experience in industrial products and manufacturing companies.

Garth D. Ely: Senior Vice President of Marketing and Business Development, responsible for marketing initiatives, pricing, e-commerce, and business development strategies. Ely joined the company in 2015 with extensive experience in sales, marketing, and general management roles.

Jerry H. Gleisner: Senior Vice President of Sales, overseeing sales initiatives, customer service, and technical support. Gleisner joined the company in 2016 with a background in sales and management in the cutting tool industry.

Daniel E. Glusick: Senior Vice President of Operations, responsible for manufacturing, supply chain, fulfillment, and logistics functions. Glusick joined Harvey Performance Company in 2022 with extensive experience in operations and supply chain management.

Greg M. Livelli: Senior Vice President of Innovation, leading the company's innovation team and driving its mandate to sustain and accelerate market-leading innovation strategies. Livelli joined the company in 2023 with over 25 years of diverse leadership experience.

Brian E. McKahan: Vice President of Engineering and Technology, responsible for the organization's overall manufacturing technology and ensuring the company remains at the forefront of the industry. McKahan joined Harvey Performance Company in 2015.

Elizabeth A. Moody: Vice President of Human Resources, overseeing strategic people-related initiatives, including organizational design, employee development, and corporate culture. Moody joined the company with over 15 years of experience in human resources.

Michael A. Murray: Vice President of Information Technology, responsible for the overall management, planning, organization, and execution of all IT functions. Murray brings more than 28 years of experience in information technology.

Jeffrey H. Davis: Vice President of Product Design and Research, responsible for building and sustaining the company's product superiority through innovative tool design. Davis is the company's longest-tenured employee, having joined in 1995.

Leadership Changes

In 2022, Brian C. Lavelle was promoted to Chief Executive Officer, succeeding Peter P. Jenkins, who transitioned to the role of Chairman. Lavelle had previously served as Chief Financial Officer, Chief Operating Officer, and President within the company.

Competitor Profile

Market Insights and Dynamics

The cutting tool industry is integral to the manufacturing and metalworking sectors, serving diverse industries such as aerospace, automotive, defense, energy, medical devices, and mold-and-die. The market is characterized by a demand for high-precision, durable, and innovative cutting tools that enhance productivity and meet stringent industry standards.

Competitor Analysis

Harvey Performance Company operates in a competitive landscape with several key players:

Kennametal Inc.: A global leader in metal cutting tools, offering a wide range of products for various industries, including aerospace, automotive, and energy.

Sandvik Coromant: A division of the Sandvik Group, specializing in cutting tools and tooling systems for metal cutting, known for innovation and extensive product offerings.

OSG Corporation: A manufacturer of taps, end mills, drills, and indexable cutting tools, serving industries such as automotive, aerospace, and die/mold.

Seco Tools: Provides a comprehensive portfolio of cutting tools and services for milling, turning, holemaking, and threading applications.

These competitors focus on product innovation, quality, and customer support to maintain their market positions.

Strategic Collaborations and Partnerships

Harvey Performance Company has engaged in strategic collaborations and acquisitions to strengthen its market position and expand capabilities:

Acquisitions: The company has acquired several complementary brands, including Helical Solutions in 2015, Micro 100 in 2019, and Titan USA in 2020. These acquisitions have expanded the company's product offerings and market reach.

Private Equity Partnerships: The company has partnered with private equity firms such as Summit Partners in 2017 and Berkshire Partners in 2021 to support growth initiatives and strategic development.

Operational Insights

Harvey Performance Company's strategic considerations include:

Market Position: Leveraging its diverse brand portfolio to serve a wide range of industries with specialized cutting tools.

Competitive Advantages: Emphasis on innovation, quality, and customer service to differentiate from competitors.

Manufacturing Capabilities: Investment in state-of-the-art manufacturing facilities and technologies to ensure product excellence and operational efficiency.