Pexco, an Odyssey Investment Partners portfolio company, has acquired Precise Aerospace Manufacturing.
Precise Aerospace Manufacturing (PAM) is a company specializing in injection, compression, and transfer molded plastics, CNC machining, assembly, and contract manufacturing services. The company’s operating capabilities include tight-tolerance custom molding of high-performance engineered thermoplastic materials such as PEEK, Torlon, Ultem, and Ryton.
PEEK (polyetheretherketone) is a semi-crystalline thermoplastic known for its high performance in demanding environments. Torlon (polyamide-imide) is a high-performance thermoplastic known for its strength and thermal stability. Ultem (polyetherimide) is a thermoplastic that retains its mechanical integrity at high temperatures. Ryton (polyphenylene sulfide) is a semi-crystalline thermoplastic known for its high heat resistance and chemical stability.
PAM was founded in 1965 as Precise Plastic Products and is led by CEO Roxanne Abdi. Its headquarters are in Yorba Linda, California, near Los Angeles.
“We are excited to become part of Pexco and are thrilled to join forces to expand the breadth of products and services to each of our customer bases,” said Ms. Abdi. “Combining with Pexco enables us to continue building on both companies’ reputation for quality products and service excellence. Our focus on high-performance products and complex engineering is a great cultural fit with Pexco.”
Pexco is a designer and fabricator of custom and standard extruded plastics products. The company provides manufacturers and end-users with standard and specialty parts and components across various applications in the specialty industrial, fluid handling, lighting, traffic safety, fence, and electrical insulation industries. Pexco, led by CEO Sam Patel, is headquartered near Atlanta in Johns Creek, Georgia. With the buy of PAM, Pexco now operates 13 manufacturing sites across North America.
Odyssey first invested in Pexco in August 2012 and sold the business in May 2017 to Kohlberg & Company. At that time, Kohlberg merged Pexco with its portfolio company, PPC Industries, and named the merged company Spectrum Plastics. In January 2018, Pexco was acquired by AEA Investors as part of the firm’s acquisition of Spectrum Plastics from Kohlberg. In March 2022, Odyssey – using a different fund than for its 2012 investment – acquired Pexco from AEA Investors.
The buy of PAM is Pexco’s fourth add-on acquisition under Odyssey’s ownership. It follows the November 2022 acquisition of New Jersey-based Plastic Profiles and the September 2022 acquisitions of Ohio-based Performance Plastics and Connecticut-based Enflo.
“The acquisition of Precise Aerospace Manufacturing marks a significant milestone in Pexco’s strategic growth journey,” said Mr. Patel. “This expansion not only strengthens our capabilities in injection molding and high-performance polymers but also underscores our commitment to enhancing service offerings for aerospace and defense. We look forward to integrating Precise Aerospace Manufacturing’s expertise seamlessly into Pexco’s operations, further advancing our position as a leader in engineered plastic components.”
New York City-based Odyssey makes control investments of $100 million to $300 million in middle-market companies that have from $20 million to $100 million of EBITDA and are active in the industrial and business services sectors. In February 2020, Odyssey held a first, final, and hard cap closing of Odyssey Investment Partners Fund VI LP with $3.25 billion of capital.
Houlihan Lokey was the financial advisor to PAM on this transaction.
© 2024 Private Equity Professional | August 13, 2024
