GGC Acquires Atlantic Precision, Inc.
FOR IMMEDIATE RELEASE
Milwaukee, WI – October 1, 2014 Generation Growth Capital, Inc. (“GGC”), a private equity firm that invests in lower middle market companies, announced today that it has acquired Atlantic Precision, Inc. (“API”) as a key component of the Model 2 Machine Group (“M2M”) platform of companies.
Atlantic Precision is a premier aerospace machining, design and build company that utilizes the latest 3D metal printing and additive manufacturing technologies to provide prototyping and low volume production parts that meet the highest standards of the aerospace industry. The Model 2 Machine Group was established in 2011 by GGC to provide a broad range of services to assist OEM customers with the transition of parts and products from research and development to full production. With the addition of API, the M2M Group now consists of five companies – Atlantic Precision, Inc., M2M Machining, Inc., Mica Tool & Manufacturing, LLC, Tri Aerospace, LLC, and Clinkenbeard & Associates, Inc.
The existing management team of API will continue operating the business following the transaction and GGC expects to continue the company’s tradition of investing in the latest manufacturing technologies. Tim Ritter, the President and co-owner of API, sought out the investment from GGC and M2M because of the synergies he saw amongst the business units. Tim commented, “Having worked with Tri Aerospace on past projects, we understood how our respective companies could come together to bring a broader array of services and production capabilities under a common touch point for our customers.”
Chuck Madore, the CEO of M2M remarked, “The acquisition of API really solidifies our capabilities in the aerospace industry. The addition of direct metal laser sintering (DMLS), multi-axis wire EDM, and additional 5-axis machining capacity rounds out the current offerings at Clinkenbeard and Tri Aerospace. All three companies have already begun to work in concert and we are quite excited to drive the Model 2 Machine Group strategy forward.”
John Reinke, a managing director of Generation Growth Capital, commented, “We have been looking for a company like API for over two years and we are thrilled to partner with Tim Ritter and his talented team at API. In addition to cutting-edge technology, API has a solid reputation as key problem solvers for their OEM customers. This partnership mentality fits well within the M2M culture.”
Cory Nettles, a managing director of Generation Growth Capital, added, “GGC is bullish on the long-term prospects of the aerospace industry. The successful business models at API, Clinkenbeard, and Tri Aerospace can now leverage their respective competencies across the platform and deliver even more value to their aerospace OEM customers.”
Senior financing was provided by FNB Fox Valley. Terms of the transaction were not disclosed.
About Generation Growth Capital Fund II, LP
Generation Growth Capital Fund II, LP is a Milwaukee-based private equity firm focusing on investments in small businesses to support ownership transition and growth opportunities. GGC recognizes the unique challenges and opportunities associated with small company investing. By partnering with solid management teams, GGC adopts a proactive, collaborative approach that builds the businesses in which they invest. Please visit www.generationgrowth.com for more information.
About Model 2 Machine Group, Inc.
The Model 2 Machine Group allows OEM customers to integrate and streamline solutions from project management, to prototypes, to models, to production ready parts, all with a single point of contact. When you partner with M2M Group, you gain access to a dedicated group of machining and metal technology professionals that deliver your project true to design, on time, and within budget. Please visit www.model2machine.com for more information.
About Atlantic Precision, Inc.
Atlantic Precision, Inc. is a Port St. Lucie, Florida-based machining, design and build company focused on the aerospace industry. In addition to traditional machining and metal fabrication capabilities, API utilizes the latest 3D metal printing and additive manufacturing technologies to ensure quality and fast delivery at the most affordable prices. Please visit www.atlanticprecision.com for more information.
Contacts
On behalf of Generation Growth Capital, Inc.
John Reinke, Managing Director
Generation Growth Capital, Inc.
jreinke@generationgrowth.com | (414) 291-8915
On behalf of M2M Group
Chuck Madore, CEO
Model 2 Machine Group, Inc.
cmadore@model2machinegroup.com | (262) 679-4600
On behalf of Atlantic Precision, Inc.
Tim Ritter, President
Atlantic Precision, Inc.
prez@atlanticprecision.com | (772) 466-1011