Aristotle International Equity Fund on Techtronic Industries
Thesis
Techtronic Industries owns the Milwaukee and Ryobi power-tool franchises and benefits from product innovation and battery ecosystems that drive customer loyalty and repeat purchases. Aristotle sees Milwaukee gaining penetration among professional trades while the company shifts its business mix toward higher-quality operations and exits lower-return product lines. The opportunity is increasingly broader than residential repair and remodeling because Milwaukee tools are becoming embedded in data-center, grid-infrastructure and other complex non-residential workflows. Expanding the ecosystem across tools, batteries, accessories, protective equipment, storage and service should deepen customer relationships over time.
“Milwaukee is becoming embedded in the workflows of mechanical, electrical and plumbing contractors working on data centers, grid infrastructure and other complex non-residential projects.”