Private equity firm KKR & Co. (NYSE: KKR) has agreed to purchase Hyperion, an industrial tools manufacturer, from engineering company Sandvik. Financial terms of the deal were not disclosed.

The deal for Hyperion marks KKR’s first acquisition of a middle-market business in the industrials sector. Fair Lawn, New Jersey-based Hyperion makes tools for cutting cemented carbide, diamond and cubic boron nitride materials. The target employs approximately 1,400 employees. The transaction is being funded through the private equity firm’s Americas XII Fund.

Based in New York, KKR is a global investment firm that manages a variety of investments, including: private equity, energy, infrastructure, real estate, credit strategies and hedge funds. Latham & Watkins LLP is acting as KKR’s legal counsel, while Advokatfirman Vinge, Deloitte and SEB Corporate Finance are working as financial advisors.

The middle market has been swarming with deal activity across the industrials and manufacturing sectors. Related deals include: Circor International Inc. (NYSE: CIR) paying $855 million for the fluid handling business of Colfax Corp. (NYSE: CFX);Tech Air’s completed deal to buy two welding suppliers; Berkshire Hathaway Inc.’s purchase of Wilhelm Schulz GmbH; Liberty Hall Capital Partners’ acquisition of aerospace parts supplier ZTM Inc.; and LFM Capital’s investment in hydraulic clamps maker Vektek LLC.