10/28/2020 | Announcement
Ironwood Capital Announces Subordinated Debt and Equity Investment in Micro Precision, LLC
AVON, CONNECTICUT, October 28, 2020 – Ironwood Capital is pleased to announce a subordinated debt and equity investment in precision manufacturer Micro Precision, LLC (MPI) to support the acquisition of PRL Inc. (PRL).
Headquartered in South Windham, Connecticut, MPI is a tier-one, Level 1/SUBSAFE supplier of critical components and assemblies for the United States Navy’s Virginia and Columbia class submarines, as well as a prime contractor to other governmental agencies and first tier military contractors. MPI is a portfolio company of Compass Partners Capital, a Stamford, Connecticut- based investment firm.
PRL is a leading supplier of high-tech alloy castings, close tolerance machined components, and nondestructive testing and upgrading services. PRL will be combined with MPI to create a best-in-class enterprise serving the United States Navy, nuclear power, and railroad industries. Vice Admiral John Morgan (USN, ret.), a former Deputy Chief of Naval Operations, will serve as chief executive officer of the combined platform.
“Ironwood is excited to partner with Compass and Admiral Morgan to bring together MPI and PRL. The vertically integrated business is extremely well-positioned to participate in the expected two-decade-long upgrading of the United States Navy’s submarine fleet, a top priority for the Pentagon and critical sector for the Connecticut economy,” said Jim Barra, managing director, Ironwood Capital.
About Ironwood Capital
Ironwood Capital is a Connecticut-based private equity firm that provides non-control growth capital to middle market companies, investing more than $750 million in over 135 companies since 2001. Ironwood invests in the form of subordinated debt and preferred stock in amounts ranging from $5 million to $25 million to support business owners and financial sponsors in growth financings, full and partial recapitalizations, generational transitions and buyouts. For more information, please visit www.ironwoodcap.com
About Micro Precision LLC
Founded in 1981 and located in South Windham, Connecticut, Micro Precision, LLC is a prime contractor supplying critical parts and mechanical assemblies to major submarine contractors, as well as the U.S. Department of Defense and other government agencies. For more information, please visit http://microprecisiongroup.com/micro-precision
Contacts
Carolyn C. Galiette
President and
Chief Investment Officer
(860) 409-2105
galiette@ironwoodcap.com
Kathy Butler
Marketing and
Communications Director
(860) 409-2117
butler@ironwoodcap.com
