Precinmac, a manufacturer of high-complexity precision parts, has agreed to be acquired by Centerbridge Partners.
Precinmac manufactures precision components and assemblies used in aerospace, defense, space, semiconductor, and industrial markets. The company’s capabilities include precision milling and turning, multi-axis machining, molding and grinding, close tolerance fabrication, and complex geometries.
Precinmac’s products include aircraft engine components, precision fittings for space exploration, and advanced semiconductor manufacturing equipment. One of the company’s key offerings is precision-machined aerospace components, such as turbine blades, casings, and other engine parts, used in both commercial and defense aviation. In the semiconductor industry, Precinmac produces parts used in wafer fabrication and processing equipment.
Centerbridge is acquiring Precinmac from Pine Island Capital Partners, Bain Capital’s Private Credit Group, and Compass Partners Capital, who purchased the company from GenNx360 Capital Partners in April 2020.
Since April 2020, Precinmac has completed several add-on acquisitions, including Viper Northwest, an Oregon-based manufacturer of machined parts and assemblies for the semiconductor sector (December 2020); Shields Manufacturing, an Oregon-based manufacturer of components used in the semiconductor, life sciences, and aerospace markets (December 2020); and Major Tool & Machine (MTM), an Indiana-based provider of large-format machining, fabrication, and assembly services (September 2021).
Precinmac, headquartered in South Paris, Maine, and led by CEO Eric Wisnefsky, operates through eight divisions, including Hoppe, HPG, Major Tool & Machine, Maine Machine Products, Petersen, Shields, Trimaster, and Viper Northwest.
“We have enjoyed our partnership with Bain Capital, Pine Island, and Compass and are grateful for their support over the past few years. We are excited to begin our next chapter of growth with Centerbridge. Their investment will help us continue to support our customers’ growth, expand our capabilities, and invest in our people,” said Mr. Wisnefsky.
“Precinmac is an impressive platform with unique capabilities, strong customer relationships, and an exceptional track record of growth. We are excited to partner with a company and team of this caliber,” said Steve Silver, the global co-head of private equity and a senior managing director at Centerbridge.
Centerbridge invests between $50 million and $300 million in US-based leveraged buyouts and distressed securities. Sectors of interest include consumer, financial services, healthcare, industrials, real estate, and technology, media, and telecom. The firm has $38 billion of capital under management and is headquartered in New York City, with an additional office in London.
“Through Precinmac’s constant focus on operational excellence and service to its customers, the company has positioned itself to benefit from an array of powerful secular tailwinds across its end markets. We are thrilled to partner with CEO Eric Wisnefsky and his team,” added Conor Tochilin, a senior managing director at Centerbridge.
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, and 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.
“With a clearly defined growth strategy and an experienced leadership team in place, we believe the company is well-positioned to continue its upward trajectory under Centerbridge’s ownership,” said Phil Cooper, a managing partner at Pine Island.
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. “It has been a privilege to partner with Eric and his talented team in supporting the build-out of Precinmac into a fully integrated, best-in-class platform,” said Matt Evans, a partner at Bain Capital.
Compass Partners Capital invests in aerospace, defense, and industrial companies with EBITDAs between $5 million and $50 million. The firm is headquartered in Stamford, Connecticut.
Goldman Sachs is the financial advisor to Precinmac, and Evercore is the financial advisor to Centerbridge.
This transaction is expected to close in the fourth quarter of 2024.
© 2024 Private Equity Professional | October 16, 2024
