Courtesy / Maine Machine Products Co.
Maine Machine Products Co., whose 65,000-square-foot plant in South Paris is shown here, is part of Precinmac.
Updated: April 3, 2020
South Paris machine parts maker acquired by investment group
By Staff
Maine Machine Products Co., based in South Paris, has been acquired by a group of investment firms for an undisclosed price.
The company is one of four subsidiaries of Precinmac Precision Machining, which was purchased by New York-based Pine Island Capital Partners, Boston-based Bain Capital Credit, and Stamford, Conn.-based Compass Partners Capital, according to a news release Thursday.
The investment group acquired Precinmac from GenNx360 Capital Partners, a New York-based private equity firm. In addition to Maine Machine Products, Precinmac comprises precision manufacturers Hoppe Technologies, of Chicopee, Mass., as well as Canadian companies Trimaster Manufacturing and HPG.
“With the support of Pine Island, Bain Capital, and Compass, we are excited to continue to expand the business by assisting high-requirements customers who need impeccable quality, additional capacity, and flawless service,” Precinmac CEO Eric Wisnefsky said in the release.
Maine Machine Products manufactures high-tolerance mechanical components for the aerospace, defense and semiconductor industries. It was acquired by GenNx360 in 2010 from co-founder Roland Sutton.
Sutton and fellow engineer Bill Detert launched the company in 1957 after a vacation in Norway convinced Detert that they should leave their jobs in Chicago, move to western Maine, and start a new business, Mainebiz reported in 2004.
Sutton visited a former engine repair shop that was going up for auction; the pair bought the building for $5,000.
Today, Maine Machine Products’ 65,000-square-foot facility is one of the largest CNC (computer numerical control) plants in the Northeast, the company says on its website. The South Paris site includes 60 machines and a hard-wall clean room.
In 2012, Maine Machine Products laid off 8% of its workforce, bringing the number of employees down from 138 in 2010 to 125.
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Anonymous
April 6, 2020
Poorly written article. Maine Machine Products is employing 165 outstanding individuals that are keeping our troops safe and the world connected through the components we manufacture for some of the country's premier companies. This sale has no impact on the day to day operations of the company. The current management team remains in place to continue it's 30% growth path it has been executing for the past 6 years.
Respectfully,
John Brocke
President/CEO - Maine Machine Products Co & Hoppe Technologies Inc.
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