News

April 1, 2020: Pine Island and Bain Acquire Precinmac

NEW YORK/BOSTON/STAMFORD, April 1, 2020 – Pine Island Capital Partners, LLC, and Bain Capital Credit, LP today announced the acquisition of Precinmac Precision Machining, a diversified manufacturer of high-precision machined components and assemblies for companies in the aerospace & defense, semiconductor, and general industrials sectors.  Compass Partners Capital helped arrange the transaction and is investing alongside Pine Island and Bain Capital.  Financial terms of the private transaction were not disclosed.

Precinmac has four divisions – Maine Machine Products Company, Hoppe Technologies, Trimaster Manufacturing, and HPG.  The Company specializes in precision milling and turning, multi-axis machining, molding and grinding, close tolerance fabrication, and complex geometries.  Precinmac is a critical supplier to prime contractors in the aerospace, defense, semiconductor, automation, and other sectors that rely on ultra-high precision manufacturing capabilities and expertise.  From its four integrated manufacturing locations in the U.S. and Canada, the Company is able to provide broad capabilities and expertise to these demanding industries.

“Precinmac has a long history of delivering value to customers through design assistance, precision manufacturing, and assembly, and we see an opportunity to further grow the business among aerospace, defense, semiconductor, and industrial companies,” said new Board Chairman and Pine Island Capital Partner, Admiral Mike Mullen. “We look forward to a constructive partnership with management as we continue to grow the business while serving Precinmac’s customers and strengthening the supply chain for critical industries.”

“With the support of Pine Island, Bain Capital, and Compass, we are excited to continue to expand the business by assisting high requirements customers who need impeccable quality, additional capacity, and flawless service,” said Precinmac’s CEO, Eric Wisnefsky.

Houlihan Lokey, Inc. and Alantra served as financial advisors to the seller, GenNx360 Capital Partners. Legal advisors include Winston & Strawn, LLP to GenNx360, Willkie Farr & Gallagher, LLP to Compass, Paul Hastings LLP to Pine Island, and Davis Polk & Wardwell, LLP to Bain Capital.

About Precinmac Precision Machining
Precinmac (https://www.precinmac.com) is a leading diversified manufacturer of high-tolerance precision machined components and assemblies.  Precinmac has four divisions in the United States and Canada – Maine Machine Products Company, Hoppe Technologies, Trimaster Manufacturing, and HPG.

About Pine Island Capital Partners, LLC
Pine Island Capital Partners (https://pineislandcp.com) is a U.S. based private equity firm that has combined an experienced investment team with a deeply-connected and accomplished partner group of former senior government and military officials.  The extensive leadership, investing, and networking expertise of its partners enables the firm to make a significant improvement to its portfolio companies’ operations and business expansion.

About Bain Capital Credit, LP
Bain Capital Credit (www.baincapitalcredit.com) is a leading global credit specialist with approximately $41 billion in assets under management.  Bain Capital Credit invests up and down the capital structure and across the spectrum of credit strategies, including leveraged loans, high-yield bonds, distressed debt, private lending, structured products, non-performing loans and equities.  Its team of more than 200 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, and venture capital, and leverages the firm’s shared platform to capture opportunities in strategic areas of focus.

About Compass Partners Capital, LLC
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.

July 27, 2020: Gen. Lloyd Austin, Ret., joins Pine Island Capital Partners

Pine Island Capital Partners welcomes Lloyd J. Austin III as a Partner.

General Austin is a retired four-star US Army general with nearly 41 years of experience, including three years as the head of US Central Command. He also was the Combined Forces commander in Iraq and Syria, and he has extensive operational experience, having commanded troops in combat throughout his General Officer career.

“We are delighted to announce that General Austin has joined our Partnership,” said Phil Cooper, Managing Partner of Pine Island. “He is already fully engaged, working with us on new investments, bringing his experience and judgement to our portfolio companies, and actively participating in our Investment Committee.”

Prior to Central Command, General Austin served as the 33rd Vice Chief of Staff of the Army. His many awards and decorations include five Defense Distinguished Service Medals, the Silver Star and the Legion of Merit.

He serves on the boards of directors of Raytheon, Nucor Corporation, Tenet Healthcare Corporation and Guest Services, Inc., and on the board of trustees of the Carnegie Corporation of New York and Auburn University.

General Austin is a graduate of the U.S. Military Academy at West Point, and he holds two master’s degrees – one in education from Auburn University and another in business management from Webster University.

October 7, 2020: Meggitt Training Systems is now InVeris Training Solutions

Suwanee, GA, October 7, 2020 – Meggitt Training Systems (the “Company”), the global leader in integrated live-fire and virtual weapons training solutions for military and law enforcement clients, today announced its new name, InVeris Training Solutions, effective immediately. “InVeris” connotes insight and truth. The rebranding reflects the Company’s pride in standing behind the bravest, best-trained men and women around the world and to providing comprehensive training solutions that prepare them to act at a moment’s notice to protect the communities and countries they serve. The Company remains headquartered in Suwanee, GA and partners with clients in the US and around the world from facilities on five continents.

“Over the past few months, we have undertaken a very thorough and thoughtful exercise to more closely align our name and brand with our values in service of safety,” said Andrea Czop, Vice President of Strategy, Sales and Marketing. “InVeris means trust and integrity – values that are core to our clients and that we live every day. Our clients give their all, and we’re honored and proud to serve those who keep us safe with excellence. Because we know that when our clients are prepared, and their people are safe, we all stay safe.”

As part of the rebranding, InVeris Training Solutions has also introduced a new logo, corporate colors, and website, InVerisTraining.com. The Company retains its ownership of its legacy brands, FATS® and Caswell technologies, the industry pioneers in the virtual and live fire training arenas, respectively.

Czop continued: “As we enter a new phase of growth in US and international markets, our commitment to our employees, clients, and partners remains our top priority. We’ve always backed our clients with quality products, proven innovations and dedicated support. We’ll continue to do that as we move ahead.”

InVeris Training Solutions combines an agile approach with an unmatched expertise in training technology to design and deliver customized, cutting-edge training solutions that keep military, law enforcement, and private and commercial range clients safe, prepared and ready to serve – Because Seconds Matter™. The Company has fielded over 15,000 live-fire ranges and 5,100 virtual training systems globally in its 90-year history, and it is the Simulation Training Program of Record for Domestic and International military forces. The Company’s advanced training solutions prepare clients in more than 55 countries to safely protect the communities they serve.

About InVeris Training Solutions
InVeris Training Solutions (https://www.inveristraining.com) combines an agile approach with an unmatched expertise in training technology to design and deliver customized, cutting-edge, first-rate training solutions that keep military, law enforcement, private and commercial range clients safe, prepared and ready to serve – Because Seconds Matter™. With a portfolio of technology-enabled training solutions, and a team of more than 400 employees driven to innovate, InVeris Training Solutions is the global leader in integrated live-fire and virtual weapons training solutions. With its legacy companies, FATS® and Caswell, InVeris Training Solutions has fielded over 15,000 live-fire ranges and 5,100 virtual systems globally during its 90-year history. The Company is headquartered in Suwanee, Georgia and partners with clients in the US and around the world from facilities on five continents.

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