Main Street Capital Holdings Forms Compass Precision Platform
Compass Precision Acquires Three High-Precision Metal Manufacturing Companies
PITTSBURGH, PA – December 17, 2019 – Main Street Capital Holdings, LLC, a private equity firm specializing in acquisitions of growth-oriented companies, announced Tuesday that it has created a new platform, Compass Precision, LLC, to acquire companies in the precision metal manufacturing industry. 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 manufacturing companies are based in the Charlotte, NC area. Manufacturing capabilities include design, machining, EDM, fabricating, assembly and test services. The companies service a diversified group of blue-chip customers in the aerospace & 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 the growth strategy.
Gary Holcomb was appointed President and Chief Executive Officer of Compass Precision. Gary has over twenty-five years of experience in the metal forming industry. He previously served as the President and CEO of a highly successful Main Street investment in Coining, Inc., a Saddle Brook, NJ-based manufacturer of precision metal parts and materials used to enclose and package semiconductors. At Coining, Gary helped to deliver a strong track record of top-line growth through organic initiatives and the effective consolidation of add-on acquisitions.
“I am extremely excited about the opportunity to lead Compass Precision and work with a talented team of managers,” said Mr. Holcomb. “Keith Felts at Advanced, Rick Loyd at Tri-Tec and Kevin Farmer at Quality Products are exceptional leaders of their respective businesses. I am also excited to again be working with Main Street. They have significant experience in the precision metal industry and they are the right partner to help facilitate growth through both organic initiatives and add-on acquisitions.”
Dennis Prado, Managing Partner at Main Street said, “We’re very pleased to add the Compass Precision group of companies to our portfolio. It’s a fundamentally sound group of businesses with a breadth of manufacturing capabilities and strong customer relationships. We are thrilled to be partnering with Gary Holcomb and the existing management team, and we intend to make sure they have the resources needed to grow and expand. The industry is highly fragmented and there are a lot of precision metal companies that would fit well with Compass Precision.”
Founded in 1994, Main Street Capital Holdings, LLC is a Pittsburgh-based private equity firm that acquires companies in a broad range of industries at the lower end of the middle market. Main Street acquires control positions in companies with enterprise values ranging from $10 million to $125 million. A key to Main Street’s success is its strong partnerships with existing management teams and proven operators. For more information, please visit www.mainstcap.com.