GenNx360 Exits Precinmac

GenNx360 Capital Partners has sold Precinmac Precision Machining to Pine Island Capital Partners and Bain Capital Credit. Compass Partners Capital helped arrange this transaction and is investing alongside Pine Island and Bain Capital.

Precinmac is a manufacturer of precision machined components and assemblies used in the semiconductor, oil and gas, commercial aerospace, defense, and industrial sectors. The company’s capabilities include precision milling and turning, multi-axis machining, molding and grinding, close tolerance fabrication, and complex geometries.

Precinmac, led by CEO Eric Wisnefsky, operates through four divisions located in the United States and Canada: Maine Machine Products was acquired in 2010 and operates a 65,000 square foot facility in South Paris, Maine; Trimaster Manufacturing was acquired in 2009 and operates a 70,000 square foot facility in Guelph, Ontario; Hoppe Technologies was acquired in 2011 and operates a 40,000 square foot facility in Chicopee, Massachusetts; and HPG operates a 50,000 square foot facility near Toronto in Georgetown, Ontario.

During GenNx360’s ownership term, the company executed many initiatives targeting operational and productivity efficiencies, sales force effectiveness, pricing optimization, and customer expansion. “Our investment in Precinmac and the achievements attained exemplifies GenNx360’s operational differentiators,” said Matt Guenther, managing partner at GenNx360. Mr. Matt Guenther led the transaction.

New York City-based GenNx360 invests from $25 million to $75 million in industrial and business services companies that have revenues from $75 million to $250 million and EBITDA from $8 million to $25 million.

“Precinmac has a long history of delivering value to customers through design assistance, precision manufacturing, and assembly, and we see an opportunity to further grow the business among aerospace, defense, semiconductor, and industrial companies,” said Admiral Michael Mullen, a partner at Pine Island and the new chairman of the board of Precinmac. “We look forward to a constructive partnership with management as we continue to grow the business while serving Precinmac’s customers and strengthening the supply chain for critical industries.”

Pine Island makes control equity, minority equity, and structured equity investments of $30 million to $250 million in US and Canadian-based companies with enterprise values ranging from $50 million to $500 million. Sectors of interest include aerospace, defense & government; consumer and retail; financial services; healthcare; manufacturing and industrials; technology, telecommunications and cybersecurity; and transportation, logistics and infrastructure. The firm has offices in New York City and Washington DC.

Bain Capital Credit has $41 billion in assets under management and invests in leveraged loans, high-yield bonds, distressed debt, private lending, structured products, non-performing loans and equities.

Compass Partners Capital invests in aerospace, defense, and industrial companies that have from $5 million to $50 million of EBITDA. The firm is headquartered in Stamford, Connecticut.

Houlihan Lokey and Alantra were the financial advisors to GenNx360 on this transaction.

© 2020 Private Equity Professional | April 3, 2020

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