Brightwood Capital Advisors, a private credit firm, and PhenixFIN, a publicly traded business development company, partnered with Insight Equity to provide a senior secured credit facility and preferred equity facility to support the refinancing of MB Precision Investment d/b/a Midstate Machine. Jim Ashton, former chairman of the board and CEO of Precision Partners, will be joining the company’s board of directors as part of this transaction. The financial terms of the transaction were not disclosed._x000D_
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“We are excited to collaborate again with our valued partners at PhenixFIN to support this transaction,” Scott Porter, managing director and co-head of originations at Brightwood, said. “This refinancing marks an important strategic milestone for Precision, empowering the company to build on its core platforms and scale its offerings to better serve its clients. This partnership will position Precision to effectively pursue its next phase of growth and long-term success.”_x000D_
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“The combined expertise of Brightwood and PhenixFIN was critical in the success of this transaction, and we are excited about this new partnership,” Mike Heinold, chief financial officer of the Precision management team, said. “Their strategic insights and support will be invaluable as we move forward in pursuing our growth objectives.”_x000D_
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“Brightwood and PhenixFIN have been exceptionally supportive throughout this process, fully understanding our financial goals and providing valuable counsel and expertise to help us realize our vision for Precision,” Paul Pesek, senior vice president at Insight, said. “Their combined knowledge of the aerospace, defense, and industrial sectors has been instrumental, and the support from this refinancing will enable the company to pursue key growth initiatives. We look forward to their continued partnership as we embark on our next chapter.”_x000D_
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“We value our longstanding partnership with Brightwood and are excited to engage with them on another transaction,” David Lorber, chairman and CEO of PhenixFIN, said. “As a flexible capital provider, we are committed to supporting Precision during this pivotal growth inflection point, leveraging our industry experience to contribute to their continued success.”
Forward for Specialty Finance
