Precinmac to be Acquired by Centerbridge Partners

by | Jan 22, 2025 | Business

 

SOUTH PARIS, Maine,SOUTH PARIS, Maine, Oct. 14, 2024/PRNewswire/ — Precinmac LP (“Precinmac” or the “Company”), a leading manufacturer of high-complexity precision components, today announced a definitive agreement to be acquired by funds advised by affiliates of Centerbridge Partners, L.P. (“Centerbridge”), a leading private investment firm. Centerbridge is acquiring Precinmac from an investor group comprising Pine Island Capital Partners, Bain Capital’s Private Credit Group and Compass Partners Capital, who have been the Company’s investment partners since April 2020.

Precinmac is a supplier of complex precision components for mission-critical applications in aerospace, defense, space, semiconductor and other high requirements end markets. The company serves these customers through a network of nine facilities across the United States and Canada.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, Global Co-Head of Private Equity and Senior Managing Director at Centerbridge.

“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 be partnering with CEO Eric Wisnefsky and his team,” added Conor Tochilin, Senior Managing Director at Centerbridge.

“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, the expansion of our capabilities and investment in our people,” said Eric Wisnefsky, CEO of Precinmac.

“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.

“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,” added Phil Cooper, Managing Partner at Pine Island. “We greatly appreciate all that management has accomplished,” said Stephen Waters, Managing Partner at Compass.

This transaction, which is subject to customary closing conditions and approvals, is expected to close in the fourth quarter of 2024. Financial terms of the private transaction were not disclosed.

Goldman Sachs & Co. LLC is serving as financial advisor and Weil, Gotshal & Manges LLP is serving as legal counsel to Precinmac. Evercore is serving as financial advisor and Kirkland & Ellis LLP is serving as legal counsel to Centerbridge.

About Precinmac
Precinmac is a leading manufacturer of high-complexity, precision machined components and assemblies for aerospace, defense, space, semiconductor and other high requirements end markets. Precinmac offers a single-source solution for precise, high-quality, and on-time manufacturing to top-tier customers globally, with a dedication to customer service, operational excellence, and continuous improvement. Precinmac serves these customers through a network of nine facilities across the United States and Canada. Learn more at www.precinmac.com.

About Centerbridge Partners
Centerbridge Partners, L.P. is a private investment management firm employing a flexible approach across investment disciplines — Private Equity, Private Credit and Real Estate — in an effort to develop the most attractive opportunities for our investors. The Firm was founded in 2005 and, as of June 30, 2024, has approximately $38 billion in capital under management with offices in New York and London. Centerbridge is dedicated to partnering with world-class management teams across targeted industry sectors and geographies. For more information, please visit www.centerbridge.com | LinkedIn.

About Pine Island Capital Partners, LLC
Pine Island Capital Partners is a U.S. based private equity firm investing in aerospace, defense and energy.

About Bain Capital Credit
Bain Capital Credit (www.baincapitalcredit.com) is a leading global credit specialist with approximately $48 billion in assets under management. Bain Capital Credit invests across the credit spectrum and in credit-related strategies, including leveraged loans, high-yield bonds, structured products, private middle market loans and bespoke capital solutions. Our team of more than 100 investment professionals creates value through rigorous, independent analysis of thousands of corporate issuers around the world. In addition to credit, Bain Capital invests across asset classes including private equity, public equity, venture capital, real estate, life sciences, and insurance, and leverages the firm’s shared platform to capture opportunities in strategic areas of focus.

About Compass Partners Capital
Compass Partners Capital (www.compasspartners.com) is a private investment firm focused on helping companies seize 21st century opportunities. Compass invests in high-priority aerospace, defense, and industrial platforms to create value for investors through active management. The Compass team’s multi-disciplinary backgrounds of deep investment and industry experience complement a core ethos centered on trust and collaboration, passion for excellence, and an enduring belief in humility and adaptability. As patriotic investors, Compass partners with owners, investors, and management teams to drive growth, enhance profitability, and strengthen U.S. national security.

 

 

Investment Date 

October 14, 2024

 

 

News

Precinmac to be Acquired by  Centerbridge Partners

Tim Grass Named President & Chief Executive Officer of Nautilus Integrated Solutions

by | May 23, 2023 | Business

April 3, 2023

 Stamford, CT – Compass Partners Capital LLC (“Compass”) announced today that Tim Grass has been selected as Nautilus Integrated Solutions (“Nautilus”) new President and Chief Executive Officer (“CEO”). 

Tim is an accomplished manufacturing executive who spent most of his career with Marmon/Berkshire Hathaway. He was the President of Marmon Aerospace & Defense Group which provides harsh environment connectivity solutions for most defense applications, with a heavy Navy emphasis. He delivered significant growth in these businesses through operational excellence, product and service differentiation, acquisitions and developing high-performance teams. Tim earned his BS in Mechanical Engineering from the University of Maine and went on to complete his MS in Mechanical Engineering. He also completed Marmon’s Executive Leadership Program. 

Compass would like to thank the Nautilus Board of Directors for its engagement during the search process and Nautilus Chairman James Waters for stepping in as Interim CEO the last four months. While we continued to ave significant work to do in the coming months to improve operating performance, Nautilus had a solid first quarter and we will be working in partnership with Tim to unlock the company’s potential in the months ahead.  

 

About Nautilus Integrated Solutions

Nautilus Integrated Solutions (NIS) offers rare foundry to finished production capabilities. Specializing in the defense and commercial nuclear components that require high levels of precision and quality delivered on time. NIS continues to expand its capabilities and portfolio to support its customers.

About Compass

Compass Partners Capital LLC is a family-owned investment firm located in Stamford, CT.  Compass focuses on defense and aerospace-related investments.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

April 3, 2023

 

 

Stamford, CT – Compass Partners Capital LLC (“Compass”) announced today that Vice Admiral John Morgan (Ret.), currently a Director of Micro Precision LLC (“MPI”), has been selected as MPI’s new President and Chief Executive Officer (“CEO”).  Vice Admiral Morgan assumes his new role on November 12, 2019.  He succeeds Bob Mongell who has been CEO of MPI since 1989 and has built the company into a critical supplier of components for the US submarine program.

“I am honored to have been selected as MPI’s next President and CEO.  It is a privilege to be part of an organization that is a vital supplier in America’s Submarine Industrial Base and plays a significant role in our national defense,” said Vice Admiral Morgan.  He continued, “MPI has a significant opportunity to leverage its strong reputation for zero defect on-time delivery, and I look forward to leading the company through an unprecedented period of expansion as the United States reconstitutes its submarine force.”

Vice Admiral Morgan previously served as Chairman and CEO of Nobles Worldwide, a leading global provider of high-quality ammunition systems, until its recent sale.  A 36-year Navy veteran, Vice Admiral Morgan was a key advisor to the Secretary of the Navy, Chief of Naval Operations and the Chairman of the Joint Chiefs of Staff.  In addition, he commanded the USS Enterprise carrier battle group, which played a critical role following the attacks against the US on 9/11.  For his leadership in combat, Morgan received the Bronze Star.

“We are thrilled to appoint Vice Admiral Morgan as CEO of MPI,” said James Waters, lead Director of the Board.  He added, “John’s leadership combined with his knowledge and understanding of the US Navy will be a substantial asset for MPI and its customers.  We look forward to John stewarding the company’s growth in the years ahead.  We would also like to thank Bob Mongell for his leadership and dedication to the company over the past three decades.  He leaves MPI in a strong position to grow by serving its customers.”

About Micro Precision LLC

Founded in 1981 and located in South Windham, CT, Micro Precision is a prime contractor supplying critical parts and mechanical assemblies to major submarine contractors, as well as the US Department of Defense and other government agencies.

About Compass

Compass Partners Capital LLC is a family-owned investment firm located in Stamford, CT.  Compass focuses on defense and aerospace-related investments.

 

 

 

ThayerMahan raises $30 million in Series C Funding

by | Apr 19, 2023 | Business

GROTON, Conn., April 18, 2023 – ThayerMahan, a world leader in autonomous maritime surveillance solutions, completed $30 million in Series C funding, led by the MC2 Security Fund (MC2). New investors in the round also include I Squared Capital, Ducenta Squared Asset Management, and Compass Partners (who also serves as an advisor to the Company). Existing investors AE Industrial Partners, Hegemon Capital, and an affiliate of RiverPark Ventures also participated.

“ThayerMahan has demonstrated strong capabilities for both naval defense and commercial offshore energy use cases. This ‘dual use’ market approach provides strong diversification of revenue streams and helps to mitigate risk,” said Chad Sweet, MC2 partner, who was recently appointed to the Company’s Board.  “This investment round will accelerate ThayerMahan’s growth and further advance its high performing AI-and autonomy-related technology, which is proving to be critical to the success of both the commercial and federal maritime missions.”

Founded in 2016, ThayerMahan provides maritime domain data solutions serving industrial sectors including maritime security, defense and intelligence, subsea infrastructure, offshore energy, living marine resources, and acoustic sciences. The Company delivers data insights to its customers by deploying and operating a portfolio of unmanned autonomous sea-based systems. Its proprietary AI technology collects and curates data sets – analyzing and accelerating the speed of data comprehension. ThayerMahan has a deep bench of collective acoustics expertise, including over 75 employees with security clearances. The government has issued ThayerMahan eight patents, and seven more are pending.

ThayerMahan Chairman and Chief Executive Officer Mike Connor noted, “From the outset, we’ve focused on improving the United States’ ability to monitor ocean activity effectively and efficiently using autonomous systems to protect and defend our people, territories, assets and allies. We’ve attracted a passionate team of mission-driven professionals.”

“This round enables us to spur our development and deployment of unique technology, which is receiving strong demand from both our government and commercial customers.  We look forward to advancing growth through the expertise and relationships from MC2 and our new investors in this round,” Connor said.   “I also want to thank an affiliate of RiverPark Ventures and Hegemon Capital, the lead investors in our A and B rounds respectively, who embraced our vision and supported us as we made this game changing technology a reality.  We look forward to creating even more value for all our investors with this significant new infusion of capital.”

About ThayerMahan

ThayerMahan, Inc. is a maritime technology company dedicated to providing its government and commercial clients with turn-key autonomous marine solutions, including deployment, operations, data gathering and analysis services, using state-of-the-art acoustic and electronic sensors integrated on a variety of host platforms tailored to specific mission criteria. The Company is headquartered in Groton, CT with additional locations in Lexington, MA; Boston and Washington DC. For more information, please contact info@thayermahan.com.

About MC2

The MC2 Security Fund is a growth equity fund founded by the executive leadership team of The Chertoff Group. MC2 makes private equity investments in high growth companies supporting enduring, mission-critical security requirements within the security and risk management industry. Investment sectors include Cybersecurity, Defense Technology, Government Services, and Homeland Security.

About I Squared Capital

I Squared Capital is an independent global infrastructure investment manager focusing on energy, utilities, telecom and transport in the Americas, Europe and Asia.

About Compass Partners

Compass Partners Capital (www.compasspartners.com) is a private investment firm focused on helping companies seize 21st century opportunities. Compass invests in high-priority aerospace, defense, and industrial platforms to create value for investors through active management.

Compass Partners Acquires PRL, Inc.

by | Oct 26, 2020 | Business

October 26, 2020 

STAMFORD, CT | CORNWALL, PA | SOUTH WINDHAM, CT 

Compass Partners Capital LLC (“Compass”), a Stamford-based investment firm, is pleased to announce the acquisition of PRL, Inc. (“PRL”), a leading manufacturer of high-tech alloy castings. PRL will be combined with Micro Precision Inc. (“MPI”), a Compass portfolio company, to create a best-in-class enterprise serving the United States Navy, nuclear power, and railroad industries. Vice Admiral John Morgan (USN, ret.), currently President & CEO of MPI, will serve as the Chief Executive Officer of the combined platform.  

A former Deputy Chief of Naval Operations, Admiral Morgan stated, “We have no greater priority than our nation, our customers, and our employees. This combination demonstrates our steadfast commitment to all three with a concerted focus on the US submarine programs. We are building a trusted one-stop shop for critical components, with an unwavering dedication to quality and on-time delivery. These companies can and will grow as we serve the top priority programs in the Pentagon.” Headquartered in South Windham, CT, Micro Precision is a tier-one, Level 1/SUBSAFE supplier of critical components and assemblies for the US Navy’s Virginia and Columbia class submarines.  

Family owned since 1972, PRL is headquartered in Cornwall, PA and comprised of PRL Industries, Regal Cast, and Lebanon Tool Company. A vertically-integrated enterprise, PRL and its subsidiaries have capabilities to pour a wide variety of ferrous and nonferrous alloy castings, conduct conventional to close tolerance machining on small to large components, and provide in-house non-destructive examination and upgrading services. Collectively, PRL’s team prides themselves on their decades of supplying high quality product and work to the US Navy and nuclear power industries. 

Janis Herschkowitz, PRL’s President & CEO said, “The acquisition by MPI will not only provide additional resources to our talented workforce, but increases PRL’s visibility with the nuclear Navy, and will be instrumental in growing PRL to the next level. PRL is ecstatic to welcome Admiral John Morgan as the new CEO, as his leadership skills and values are second to none.” 

“PRL’s employees have always been proud of the significant role we’ve played in our nation’s defense.  To continue to do that with our partners at Compass gives us opportunity to expand and grow our role in providing the best Navy in the world with more diverse components,” added Patricia Herschkowitz, a PRL, Inc. co-owner and Director of Public Relations, Government Affairs & Advertising.  “I think our father would be proud of the direction we are headed.”    

James Waters, Chief of Staff at Compass who led the deal team stated, “We are thankful to both Jan and Pat Herschkowitz and applaud them for building such a unique company. We are humbled to carry on their legacy, believe in Admiral Morgan, and are eager to make a positive impact for our country and the communities of Windham County, CT and Lebanon County, PA. Our patriotic investors deserve tremendous credit for making all of this possible.” 

Bigelow LLC represented PRL in the transaction. PRL was also advised by Blank Rome LLP. Compass was advised by Willkie Farr & Gallagher LLP, Fiondella, Milone and LaSaracina LLP, and Trivista Business Group. 

 

About PRL Inc. 

Headquartered in Cornwall, Pennsylvania, PRL is comprised of PRL Industries, Inc., Regal Cast, Inc., and LTC, Inc.. PRL Industries provides customers with in-house poured castings, non-destructive examination and upgrading services on ferrous and nonferrous castings, as well as machining.   

About Micro Precision LLC 

Founded in 1981 and located in South Windham, CT, Micro Precision is a prime contractor supplying critical parts and mechanical assemblies to major submarine contractors, as well as the US Department of Defense and other government agencies. 

About Compass 

Compass Partners Capital LLC is a private investment firm located in Stamford, CT. An independent sponsor, Compass focuses on defense and aerospace-related investments that are aligned with US national security strategy. 

About Bigelow LLC 

Originally established in 1935, Bigelow LLC is widely known as the M&A Advisory Boutique that deals exclusively with private Entrepreneur Owner Managers. Bigelow has a reputation for having a unique understanding of the special requirements of the owner-managed, entrepreneurial operating company in building and ultimately capturing Enterprise Value.