Less than three months after an acquisition in Texas, South Paris-based precision-parts manufacturer Precinmac LP is expanding closer to home with the purchase of Westfield, Mass.-based Advance Mfg. Co. Inc.
Precinmac and backed by New York-based Centerbridge Partners LP, provides precision machining, fabrication, assembly and manufacturing services for the aerospace, defense, space, semiconductor and power generation industries.
On Tuesday, Precinmac said its purchase of Advance Manufacturing, a family-owned business for more than six decades, strengthens its position in the commercial aerospace, defense and space sectors. Financial terms were not disclosed.
“We approached Advance not only for its manufacturing expertise, but also for the people and culture behind the business,” said Precinmac CEO Eric Wisnefsky.
“Their commitment to excellence, customer service and community engagement aligns closely with the values that guide Precinmac every day,” he added. “We look forward to supporting the team, investing in future growth and continuing the positive impact Advance has made for its employees, customers and the community.”
Precinmac said its two latest acquisitions have expanded its workforce to more than 2,200 employees.
Precinmac was formed in 2022 from the combination of Kansas-based Clearwater Engineering with four companies based in the Dallas-Fort Worth region. Its divisions include Maine Machine Products Co., which is based in South Paris.
Its latest acquisition includes Advance’s New England Custom Coaters Inc. , adding specialized coating and finishing capabilities that will create opportunities to streamline manufacturing workflows and provide customers with more integrated solutions, Precinmac said.
Advance and New England Custom Coaters will continue operating from existing Massachusetts facilities.
“Advance has always been defined by the people who work here, the customers we serve, and the community that has supported us throughout our history,” the company’s owners said in a statement.
The family said it sought a buyer that would honor Advance’s legacy and found that in Precinmac, citing the company’s focus on investing in employees, maintaining its culture and supporting local communities.
Asked about its acquisition strategy, a Precinmac spokesman said the company targets high-growth businesses with strong customer relationships that produce complex precision components for aerospace, defense and space programs.
Deal advisors
Precinmac received financial advice from Alantra Partners and legal advice from a team at New York-based law firm Vinson & Elkins.
Advance Mfg. Co. received legal advice from Bulkley Richardson and Gelinas LLP, a law firm based in Springfield, Mass.
