July 29, 2019
Compass Partners Capital LLC (“Compass”), a Stamford-based investment firm, is pleased to announce it has completed the acquisition of Micro Precision, LLC (“MPI” or “the Company”), a critical supplier to the US submarine program.
Founded in 1981, Micro Precision is a prime contractor supplying critical parts and mechanical assemblies to major submarine contractors, as well as the U.S. Department of Defense and other government agencies. In recent years, Micro Precision’s experienced management team, led by CEO Robert Mongell, has leveraged its Level 1/SUBSAFE and Navy Nuclear qualification and strong reputation for zero defect on-time delivery to significantly expand its scope of business and manufacturing capabilities.
Mongell and his employees are enthusiastic about the transaction: “MPI is ready to turn the page and focus on growing our company to play an even larger role in the all-important US submarine build. In Compass, we now have partners whose industry experience and contacts represent the perfect formula to support our customers and expand our efforts to meet the exciting market opportunities ahead.”
Phil Cagnassola, a private investor who will serve as an independent director on MPI’s Board, lauded Compass for its dogged pursuit of the transaction: “If Compass demonstrates even half the determination it showed in getting this deal done, MPI will be a massive beneficiary. We’re going to leverage MPI’s human and financial capital to ensure its customers know they can always count on MPI to get the job done.”
Radek Kozlowski, a Managing Director who led the Compass deal team stated, “We are extremely thankful for all the support it took to get here and particularly for the investors who helped us get this done. We see a unique opportunity to create significant value for investors, the State of Connecticut, and the Nation.”
Compass’ Chief of Staff, James Waters, stated “In the SEAL Teams, we have a simple but important saying: ‘The only easy day is yesterday.’ Let’s get to work.”