Precinmac, a manufacturer of precision components, entered a definitive agreement to be acquired by funds advised by affiliates of Centerbridge Partners, a 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, which have been the company’s investment partners since April 2020.
“Precinmac is an impressive platform with unique capabilities, strong customer relationships and an exceptional track record of growth,” Steve Silver, global co-head of private equity and senior managing director at Centerbridge. “We are excited to partner with a company and team of this caliber.”
“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,” Conor Tochilin, senior managing director at Centerbridge, said. “We are thrilled to be partnering with CEO Eric Wisnefsky and his team.”
“We have enjoyed our partnership with Bain Capital, Pine Island and Compass and are grateful for their support over the past few years,” Wisnefsky said. “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.”
“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,” Matt Evans, a partner at Bain Capital, said.
“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,” Phil Cooper, managing partner at Pine Island, said.
“We greatly appreciate all that management has accomplished,” Stephen Waters, managing partner at Compass, said.
This transaction, which is subject to customary closing conditions and approvals, is expected to close in Q4/24. Financial terms of the private transaction were not disclosed.
Goldman Sachs is serving as financial advisor and Weil, Gotshal & Manges is serving as legal counsel to Precinmac. Evercore is serving as financial advisor and Kirkland & Ellis is serving as legal counsel to Centerbridge.
