NYC investment firm to acquire Maine precision-parts manufacturer
A New York City-based investment firm said it has reached an agreement to acquire Precinmac LP, a manufacturer of precision components in the Oxford County town of South Paris.
Centerbridge Partners LP is acquiring Precinmac from a group that comprises New York-based Pine Island Capital Partners, Boston-based Bain Capital's Private Credit Group and Stamford, Conn.-based Compass Partners Capital. The group of investment firms acquired Precinmac in April 2020.
Terms of the new acquisition were not disclosed.
Centerbridge was founded in 2005. As of June 30, it had roughly $38 billion in capital under management, with offices in New York and London.
Precision components
Precinmac is a supplier of highly complex components for applications in aerospace, defense, space, semiconductor and other markets. The company serves customers through a network of nine facilities across the U.S. and Canada.
It’s expected that Centerbridge’s acquisition of the company will allow it to invest in expanding capabilities and to drive growth, according to a news release.
"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," said Conor Tochilin, a senior managing director at Centerbridge.
Steve Silver, Centerbridge’s global co-head of private equity and a senior managing director at Centerbridge, said Precinmac has “an impressive platform with unique capabilities, strong customer relationships and an exceptional track record of growth.”
New chapter
The acquisition will begin a new chapter of growth at Precinmac, according to Eric Wisnefsky, the company’s CEO.
“Their investment will help us continue to support our customers' growth, the expansion of our capabilities and investment in our people," said Wisnefsky.
The transaction is expected to close in the coming fourth quarter.
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