Generation Growth Capital (GGC) has sold Atlantic Precision, an aerospace machining company, to Precision Castparts.
Atlantic Precision (API) uses 3D metal printing and additive manufacturing technologies to provide prototyping and low volume production parts that are used in the aerospace industry. GGC invested in API in October 2014 to help the company execute on a growth and development strategy in additive manufacturing. API is based in Port St. Lucie, FL (www.atlanticprecision.com).
“When GGC was first introduced to the team at API, we recognized their initial efforts in additive manufacturing could be a real game changer for prototyping and manufacturing in the aerospace markets,” said John Reinke, Managing Director of GGC. “We are proud to have had the chance to work with the team to support their growth and we look forward to watching their continued success as a part of Precision Castparts.”
Precision Castparts (NYSE: PCP) is an industrial goods and metal fabrication company that manufactures investment castings, forged components, and airfoil castings for use in the aerospace, industrial gas turbine, and defense industries. The company is headquartered in Portland, OR (www.precast.com).
“API represented a model investment for GGC. We were able to provide capital and a business support system that helped the company execute on an aggressive investment and growth strategy,” said Cory Nettles, a Managing Director of GGC.
GGC invests from $1 million to $10 million in manufacturing, service, and distribution businesses that have enterprise values of less than $30 million and sales ranging from $5 million to $50 million. Investments are primarily structured as equity but subordinated debt and warrant structures are also considered. The firm is headquartered in Milwaukee and has an additional office in Chicago (www.generationgrowth.com).
Imperial Capital (www.imperialcapital.com) was the financial advisor to API on the transaction.
© 2016 Private Equity Professional • 10-26-16
