Prince Industries, a portfolio company of HC Private Investments (HCPI), has acquired Vulcan Machine.
Prince designs and manufactures precision machined and sheet metal fabricated components and assemblies used in telecommunication, hydraulic, medical, dental, computer-peripheral equipment, and electronic applications. The company’s services span from engineering and product design to material selection, process mapping, welding, powder coating and assembly.
Though its QP Hydraulics division, Prince also provides joysticks and check valves used in the hydraulics and construction equipment sector. Prince was founded by Ed Miller in 1959 and has approximately 300 employees and four facilities located near Chicago in Carol Stream, Illinois (headquarters); Batavia, Illinois; Titusville, Florida; and Shanghai, China.
HCPI and Isleworth Capital Partners acquired Prince Industries in May 2022 in partnership with CEO Mark Miller and the founding Miller family.
Vulcan Machine is a provider of tight tolerance precision machined parts used in aerospace and defense applications. The Tampa, Florida-based company is led by Jim Williams and Jim Houser.
The acquisition of Vulcan follows Prince’s February 2023 buy of Precision Shapes, a Titusville, Florida-based (near Cape Canaveral) provider of complex material and tight tolerance precision machining services to aerospace and defense companies.
“Vulcan Machine is our second acquisition in the growing aerospace and defense market,” said Mr. Miller. “As we at Prince focus on strategically driving growth through both organic initiatives and acquisitions in the aerospace and defense end markets, Vulcan is an ideal strategic fit given their leading customer base and strong leadership team. I am delighted to partner with Vulcan founder and CEO Jim Williams to support Vulcan’s next chapter of growth.”
HCPI makes investments between $10 million and $40 million in lower-middle market manufacturing companies within the consumer and industrial markets that have revenues from $10 million to $75 million and EBITDA from $3 million and $10 million. HCPI’s investments can take the form of control equity, growth equity, structured equity and junior debt. HCPI was formed in June 2017 by HC Technologies, a Chicago-based financial trading firm led by Joe Niciforo with offices in New York, London and Singapore.
Capstone Partners was the financial advisor to Vulcan. Managing Director Tom Elliott led the Capstone transaction team. Wintrust Financial provided debt financing to back Prince’s buy of Vulcan. Winston & Strawn provided legal services to Prince and HCPI.
© 2023 Private Equity Professional | June 28, 2023