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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.

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