Following quickly on the heels of its buy of Prime Engineered Components, KKSP, a portfolio company of Mill Point Capital since December 2017, has acquired PRO Manufactured Products.
PRO is a maker of stainless steel, aluminum, and other metal alloy components, including Inconel (a nickel-chromium-based superalloy), used in the medical device, communication, and water filtration sectors. PRO was founded in 1992 by President Ward Walker and is based in Plainfield, Connecticut.
The buy of PRO continues KKSP’s expansion into the Northeast market following last week’s acquisition of Prime. The combination of PRO and Prime – led by President Mark Izzo – now operates over 100 multi-spindle, single-spindle, swiss, and CNC machines.
KKSP is one of the largest manufacturers of machined metal components produced on automatic screw machines. The company has more than 560 screw machines in four locations in the US and Mexico and machines over 300 million parts annually. The company’s brass, stainless steel, steel, aluminum, bronze, and copper products are used by its customers in a wide range of applications in the HVAC, fire suppression, appliance, defense, automotive, heavy truck, plumbing, medical and marine industries.
KKSP, led by President Dave Dolan, was founded in 1968 and is headquartered near Chicago in Glendale Heights, Illinois. “KKSP is excited to work closely with and learn from the PRO organization and explore opportunities to cross-sell those capabilities across our large platform of customers and end markets in North America and Asia,” said Mr. Dolan.
Mill Point makes control-oriented investments of $15 million to $80 million in business services and industrial companies that have enterprise values of $50 million to $250 million. Mill Point closed its inaugural institutional fund, Mill Point Capital Partners LP, at its hard cap of $450 million in May 2018. The firm was founded by Managing Partner Michael Duran and is based in New York City.
© 2020 Private Equity Professional | April 8, 2020
