Main Street Capital Holdings LLC, a Pittsburgh-headquartered PE firm specializing in acquisitions of growth-oriented companies, has created a new platform, Compass Precision LLC, to acquire companies in precision metal manufacturing. Compass Precision was formed through the acquisition of Quality Products & Machine LLC, Advanced Machining & Tooling LLC and Tri-Tec Industries Inc.
Terms of the deals were not disclosed.
All three of the high-precision metal manufacturers are based in the Charlotte, North Carolina area. Manufacturing capabilities include design, machining, EDM, fabricating, assembly and test services. The companies service customers in the aerospace and defense, medical, industrial, energy and telecommunication industries.
Compass Precision will be a new platform company for Main Street and add-on acquisitions will be an important part of its growth strategy.
Gary Holcomb was appointed president and CEO of Compass Precision. Holcomb, who has over 25 years of experience in the metal forming industry, previously was president and CEO of a successful Main Street investment in Coining Inc., a Saddle Brook, New Jersey-based manufacturer of precision metal parts and materials used to enclose and package semiconductors. At Coining, he helped to deliver a strong track record of topline growth through organic initiatives and the effective consolidation of add-on acquisitions.
Founded in 1994, Main Street acquires control positions in companies, in a range of industries, with enterprise values ranging from $10 million to $125 million. The firm is run by Managing Partners Dennis Prado and Ryan Davis. A key to Main Street’s success is strong partnerships with existing management teams and proven operators.