STAMFORD, Connecticut / SOUTH PARIS, Maine, Oct. 14, 2024 — Compass Partners Capital (“Compass”), a Stamford-based investment firm, is pleased to announce the sale of Precinmac LP (“Precinmac” or the “Company”) to Centerbridge Partners, L.P. (“Centerbridge”). This transaction reflects Compass’s commitment to strengthening U.S. defense capabilities in critical defense sectors while delivering value for investors.
Precinmac is a trusted supplier of complex precision components for aerospace, defense, space, semiconductor equipment, and other high-requirement markets. Operating through a network of nine integrated, advanced facilities across the United States and Canada, Precinmac has built a reputation for excellence in precision manufacturing, quality, and reliability.
“Our partnership with Precinmac has reinforced our mission to support industries critical to national security and technological advancement,” said Stephen Waters, Founding Partner and Chairman of Compass. “We are pleased with what the Precinmac team accomplished together with our partners and look forward to seeing it thrive under Centerbridge’s leadership.”
Since 2020, Compass, alongside Bain Capital’s Private Credit Group and Pine Island Capital Partners, has worked to support Precinmac’s growth and strengthen its strategic positioning in the Aerospace/Defense and industrial sectors. Through targeted investments and operational improvements, Precinmac has expanded its capabilities and positioned itself as a leader in high-precision manufacturing.
James Waters, Managing Partner and Co-Founder of Compass stated, “We would like to thank Eric Wisnefsky and the Precinmac management team for their commitment to innovation and excellence, along with our investor partners, who helped Precinmac enhance its role as a critical supplier in the defense and aerospace industries. We are confident that Centerbridge and management will continue to develop a best-in-class platform.” He added, “As double bottom line investors, we’re pleased that this investment had a direct impact on national security priorities and delivered outsized returns to our investors.”
The transaction closed December 2, 2024, and financial terms of the private transaction were not disclosed.
Goldman Sachs & Co. LLC served as financial advisor, and Weil, Gotshal & Manges LLP served as legal counsel to Precinmac. Evercore served as financial advisor, and Kirkland & Ellis LLP served as legal counsel to Centerbridge.
About Compass Partners Capital
Compass Partners Capital is a Stamford-based private investment firm focused on aerospace, defense, and industrial platforms. With a deep commitment to U.S. national security and technological advancement, Compass Partners seeks to drive growth, enhance profitability, and ensure American industrial leadership in critical sectors. For more information, visit www.compasspartners.com.
About Precinmac
Precinmac is a leading manufacturer of high-complexity, precision-machined components and assemblies for aerospace, defense, space, semiconductor, and other high-requirement markets. With a strong commitment to quality, innovation, and customer satisfaction, Precinmac offers a single-source solution for precision manufacturing. The company operates 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 that employs a flexible approach across Private Equity, Private Credit, and Real Estate to identify compelling investment opportunities. Founded in 2005, Centerbridge manages approximately $38 billion in capital as of June 30, 2024, with offices in New York and London. For more information, visit www.centerbridge.com | LinkedIn.
About Bain Capital Credit
Bain Capital Credit is a global credit specialist managing approximately $48 billion in assets. Bain Capital Credit invests across a range of credit strategies, including leveraged loans, high-yield bonds, structured products, private middle-market loans, and bespoke capital solutions. For more information, visit www.baincapitalcredit.com.
About Pine Island Capital Partners
Pine Island Capital Partners is a U.S.-based private equity firm investing in aerospace, defense, and energy sectors.