Partnership will enable leading manufacturer of high-complexity precision components to continue investing in expanding capabilities and driving growth
SOUTH PARIS, ME — October 14, 2024 — 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.
