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SOUTH PARIS, Maine & OGDEN, Utah — Precinmac, a diversified manufacturer of high-precision machined components and assemblies, announced today that it has acquired Petersen Inc., an award winning provider of high-quality industrial products and services. The addition expands Precinmac’ s capabilities and product offerings to better serve the aerospace and defense, semiconductor, power generation/energy, medical, and general industrial sectors.

Founded in 1961 with locations in Ogden, Utah, and Pocatello, Idaho, Petersen Inc. serves the aerospace, defense, entertainment, industrial, mining, nuclear, and petrochemical industries with a diversified range of specialized fabrication, precision machining and advanced manufacturing services. Over time, Petersen Inc. has grown to provide warehouse/distribution (3PL), field installations, and design engineering services.

“We are excited to continue our expansion by adding another best-in-class large format business which expertly serves the needs of the market,” said Eric Wisnefsky, CEO of Precinmac. “This business is complimentary to the recent acquisition of Major Tool and Machine which was added to our portfolio in September of 2021.”

With its eight divisions – Maine Machine Products Company, Hoppe Technologies, Trimaster Manufacturing, HPG, Viper Northwest, Shields Manufacturing, Major Tool and Machine, and now Petersen Inc. – Precinmac specializes in precision milling and turning, multi-axis machining, grinding, close tolerance fabrication, and complex components. Precinmac is a critical supplier to a wide range of prime contractors that rely on the company’s high precision manufacturing capabilities and expertise. From its integrated manufacturing locations in the U.S. and Canada, Precinmac provides broad capabilities and expertise to these high requirements industries.

“We are very excited to join the family of companies in Precinmac,” said Steve Petersen, Chairman of Petersen Inc. “Precinmac is poised to support our customers and team members which are the foundation of our success. They understand our business and will invest in our future and continued growth.”

“We have built an amazing company which in turn supports our team members and surrounding communities,” said Mark Jenkins, CEO of Petersen Inc. “The entire Petersen Inc. team looks forward to continuing to provide the highest quality products and services for our customers worldwide.”

About Precinmac Precision Machining

Precinmac (https://www.precinmac.com) is a leading diversified manufacturer of high-tolerance precision machined components and assemblies. The Precinmac brand represents a family of eight operating companies in the United States and Canada- Maine Machine Products Company, Hoppe Technologies, Trimaster Manufacturing, HPG, Viper Northwest, Shields Manufacturing, Major Tool and Machine, and Petersen Inc.

Precinmac is owned by Pine Island Capital Partners, LLC, Bain Capital Credit, LP, and Compass Partners Capital.

Alantra served as financial advisors and Willke Farr & Gallagher, LLP and Weil, Gotshal & Manges LLP served as legal advisors to Precinmac. Stout served as accounting and tax advisors, and Polsinelli as legal advisors to Petersen Inc.

South Paris, ME, and Indianapolis, IN, September 1, 2021 – Precinmac, a diversified manufacturer of high-precision machined components and assemblies in the aerospace and defense, semiconductor, medical, and general industrials sectors, today announced that it has purchased Major Tool and Machine. The acquisition expands Precinmac’s capabilities and differentiated value proposition to customers. Financial terms of the private transaction were not disclosed.

Founded in 1946 and located in Indianapolis, Indiana, Major Tool and Machine specializes in serving the aerospace and defense, power generation, energy, semiconductor, and oil and gas markets. In addition to the Company’s large format machining, fabrication, and assembly services, Major Tool and Machine provides design for manufacturing assistance and supports both manufacturing engineering as well as contract manufacturing.

“We are excited to expand our capabilities by adding a best-in-class large format business which expertly serves the needs of the market,” said Eric Wisnefsky, CEO of Precinmac. “This acquisition is another step in the advancement of our multi-faceted strategy to expand our business through acquisitions in all sectors of the industry base. Major Tool and Machine is a full complement to our existing portfolio.”

With its seven divisions – Maine Machine Products Company, Hoppe Technologies, Trimaster Manufacturing, HPG, Viper Northwest, Shields Manufacturing, and now Major Tool and Machine – Precinmac specializes in precision milling and turning, multi-axis machining, grinding, close tolerance fabrication, and complex geometries. Precinmac is a critical supplier to a wide range of prime contractors in the aerospace, defense, semiconductor, automation, medical, and other sectors that rely on the Company’s ultra-high precision manufacturing capabilities and expertise. From its integrated manufacturing locations in the U.S. and Canada, Precinmac provides broad capabilities and expertise to these demanding industries.

“We are very excited for both our customers and employees to join the Precinmac family of companies,” said Steve Weyreter, owner of Major Tool and Machine. “It is clear that Precinmac is poised to support the continued demand of our customer base by providing additional resources with additional capital equipment and hiring of people.”

“We have built an excellent company supported by our employees and community, serving the increasing needs of our customers,” said Mike Griffith, President of Major Tool and Machine. “The entire Major Tool team looks forward to continuing to satisfy the small format and large format needs of our current and future customers.”

Precinmac is owned by Pine Island Capital Partners, LLC, Bain Capital Credit, LP, and Compass Partners 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 seven divisions in the United States and Canada – Maine Machine Products Company, Hoppe Technologies, Trimaster Manufacturing, HPG, Viper Northwest, Shields Manufacturing, and Major Tool and Machine.

Alantra served as financial advisors and Willke Farr & Gallagher, LLP served as legal advisor to Precinmac. Katz, Sapper, and Miller served as accounting and tax advisors and Ice Miller, LLP served as legal advisors to Major Tool and Machine.

Suwanee, GA, August 25, 2021 – InVeris Training Solutions, the leading provider of integrated virtual and live-fire training systems and services for domestic and international law enforcement customers, announced today that it has acquired SURVIVR, a privately held, Dallas-based Public Benefit Corporation devoted to public safety. With the addition of SURVIVR to its industry-leading readiness training solutions portfolio, InVeris continues to build on its long-standing commitment to deliver effective, reliable, and innovative products and services for when split-second decisions matter.

“SURVIVR’s premier virtual reality police training system and patented technology complements recent research and development by InVeris. It will be incorporated into our VR-DT solution to expand future capabilities,” said InVeris CEO Al Weggeman. “All police forces – large and small, urban and rural – need and deserve the most realistic, effective training. This acquisition by InVeris strengthens our product offering to better prepare law enforcement officers for real-life situations in their community.”

“SURVIVR’s virtual reality technology has been chosen by various law enforcement departments and the U.S. Air Force Security Forces,” noted Brian Hoang, the company’s co-founder who will now serve as InVeris’ director of VR/AR strategy. “Joining InVeris enables us to combine the best aspects of both systems, providing an unrivaled solution for existing and future customers.”

Simulation training, which provides trainees with real-to-life experiences, has been an important component of law enforcement and defense training for decades. Combining InVeris’ BlueFire® simulated weapons technology with SURVIVR and InVeris’ VR-DT virtual reality de-escalation and safety training solutions will form a new generation of immersive, 3D, scenario-based training. Similarly, instructors can use dynamic branching for a wide range of responses based upon the trainee’s verbal statements and physical actions. The objective for these solutions is simple but critical to all concerned: Good training saves lives.

About InVeris Training Solutions

InVeris Training Solutions (https://www.inveristraining.com) combines an agile approach with unmatched expertise in training technology to design and deliver customized, cutting-edge, first-rate training solutions that keep law enforcement, private and commercial range clients safe, as well as military prepared and ready to serve. With a portfolio of technology-enabled training solutions, and a team of 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 15,500 live-fire ranges and 7,500 virtual systems globally during its 95-year history. The company is headquartered in Suwanee, Georgia and partners with clients in the U.S. and around the world from facilities on five continents.

Ft. Lauderdale, FL, April 26, 2021 – Pine Island Capital Partners (“Pine Island"), a private investment firm that combines an experienced investment team with a group of accomplished former senior government, military officials, and business leaders, today announced that former Director of the Defense Intelligence Agency, Lieutenant General Vince Stewart, USMC (Ret.) has joined the firm as a partner, strengthening the firm’s focus in the areas of innovation and cybersecurity. Stewart is the fourth partner to join the firm this year.

Stewart served as the 20th Director of the Defense Intelligence Agency from 2015 to 2017, the first Marine Corps officer to hold the position, and as Deputy Commander of United States Cyber Command from 2017 to 2019. Since retiring in 2019 after nearly four decades of military service, he has led his own consulting firm and currently serves as Chief Innovation and Business Intelligence Officer at Ankura.

“Having served in senior roles vital to national defense and focused on intelligence and cybersecurity, Vince has developed an unrivaled understanding of emerging threats to both the public and private sector, as well as insight into the technologies and policies necessary to address them," said John Thain, Pine Island’s Chairman. “I’m pleased to welcome Vince to the firm and look forward to working with him as we identify opportunities to invest in and partner with companies making advances in these important areas."

“The Pine Island partners are uniquely equipped to assess companies operating in the cybersecurity and intelligence sectors and identify those best-positioned to address these challenges,” said Stewart. “It’s a pleasure to join with so many impressive colleagues to advance the firm’s unique approach to investing."

During his time leading the Defense Intelligence Agency, Stewart oversaw a global organization of more than 16,000 people operating in over 100 countries, providing intelligence assessments directly to the President of the United States and Congress, and serving as chief military intelligence advisor to the Secretary of Defense and Chairman of the Joint Chiefs of Staff. As Deputy Director of United States Cyber Command, he again had responsibility for a workforce of more than 10,000 tasked with securing the Department of Defense’s Information Network, which encompasses three million users in 140 countries, 15,000 distinct networks, and six thousand physical locations. Before his assignments at the Department of Defense, Stewart served successively as Director of Intelligence for the Marine Corps and Commanding General, Marine Forces Cyberspace Command.

Stewart holds a Bachelor of Arts in History from Western Illinois University, a Master of Arts in National Security and Strategic Studies from the United States Naval War College, and a Master of Science in National Resource Strategy from the National Defense University.

About Pine Island Capital Partners (pineislandcp.com)

Pine Island Capital Partners is a private investment firm that combines an experienced investment team with a group of accomplished former senior government, military officials, and business leaders. Each team member actively participates in sourcing deals, conducting analyses, winning bids, closing transactions, and directly advising the companies in which Pine Island invests. The firm believes the extensive leadership, investing, and industry expertise of its partners enables it to employ a differentiated approach to middle-market investing. In addition to the firm’s traditional private equity work, it launched Pine Island Acquisition Corp., a special purpose acquisition company, in late 2020.

Ft. Lauderdale, FL, March 24, 2021 – Pine Island Capital Partners (“Pine Island”), a private investment firm that combines an experienced investment team with a group of accomplished former senior government, military officials, and business leaders, today announced that former NASA Administrator Major General Charles Bolden Jr., USMC (Ret.) has joined the firm as partner.

Bolden served as the 12th Administrator of NASA from 2009 to 2017, where he oversaw the transition to a new era of space exploration guided by the development of advanced technologies. He led the conclusion of the space shuttle missions program and oversaw the program that developed NASA’s relationship with SpaceX.

“In the course of an impressive career, Charlie has developed a unique perspective and deep expertise in aerospace and defense, which is a focus for both our private equity investments as well as our recently launched SPAC,” said John Thain, Pine Island’s Chairman. “We are pleased to welcome Charlie to the firm. His deep understanding of the industry’s dynamics and practical experience in aerospace technologies makes him an ideal addition to the firm as we pursue opportunities in the sector.”

“Pine Island has assembled an impressive partner group, and we believe we can add significant value for our investors, particularly as it relates to advanced space technologies, with applications across the military, civilian, and commercial landscapes,” said Bolden. “I’m pleased to join the team and look forward to being a part of the firm’s partnership approach to investing.”

During his time leading NASA, Bolden oversaw the transition to International Space Station-focused missions; led development of the Space Lunch System rocket and Orion spacecraft; and established the Space Technology Mission Directorate, to develop new technology for future missions.

During a distinguished military career, and as a member of NASA’s astronaut office, Bolden traveled to space orbit four times, commanding two missions and piloting two others. Among his military decorations include the Defense Superior Service Medal and the Distinguished Flying Cross. He is also a member of the U.S. Astronauts Hall of Fame.

Bolden holds a Bachelor of Science in Electrical Science from the U.S. Naval Academy and a Master of Science from the University of Southern California.

About Pine Island Capital Partners
Pine Island (https://www.pineislandcp.com) has combined an experienced investment team with a group of accomplished former senior government and military officials as well as business leaders. Each member of the team actively participates in sourcing deals, conducting analyses, winning bids, closing transactions and directly advising the companies in which Pine Island invests. The firm believes the extensive leadership, investing and industry expertise of its partners enables it to employ a differentiated approach to middle market investing. In addition to the firm’s traditional private equity work, it launched Pine Island Acquisition Corp., a special purpose acquisition company, in late 2020.

Suwanee, GA, March 23, 2021 – InVeris Training Solutions, the leading provider of integrated live-fire and virtual weapons training systems and services for domestic and international military and law enforcement, announced today the appointment of Al Weggeman as CEO, effective April 5, 2021. InVeris Training Solutions is a portfolio company of Pine Island Capital Partners.

“InVeris Training Solutions has an unrivaled heritage in providing virtual and live-fire training solutions for those that put themselves at risk to protect and serve others. I’m committed to growing the business through innovative product development, excellent customer support, and optimized operations,” said Weggeman. “I am honored that the InVeris Board of Directors and their investors have selected me to lead the talented and dedicated men and women of the InVeris team. I am excited to work with the Board and the entire InVeris team in the coming years to grow and build an even more vibrant and innovative business.”

Weggeman has more than 20 years of experience leading top-performing teams to deliver sustained growth in engineered component and product businesses serving military, law enforcement, and other customers. He most recently served as President of Block Engineering, LLC, a leader in cutting-edge chemical detection systems for military, law enforcement, global government agencies, and process industries. Before that, he was President of L3 Technologies Security & Detection Systems, where he led their global security and detection systems business focused on aviation, transportation, government, and critical infrastructure markets. Weggeman earned an MBA from the Kellogg School of Management at Northwestern University in 1992. He graduated Magna Cum Laude from Northeastern University in 1988.

“Al’s proven ability to engage and inspire teams and lead them to sustained growth makes him an ideal choice to lead InVeris,” said Chairman of the Board, Pine Island Capital Partners Partner, and Former US Sen. Saxby Chambliss. “The board looks forward to leveraging Al’s expertise for the company’s future growth and success in support of our valued customers, who protect countless lives around the world every day.”

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 7,500 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.

About Pine Island Capital Partners
Pine Island (https://www.pineislandcp.com) has combined an experienced investment team with a group of accomplished former senior government and military officials as well as business leaders. Each member of the team actively participates in sourcing deals, conducting analyses, winning bids, closing transactions and directly advising the companies in which Pine Island invests. The firm believes the extensive leadership, investing and industry expertise of its partners enables it to employ a differentiated approach to middle market investing. In addition to the firm’s traditional private equity work, it launched Pine Island Acquisition Corp., a special purpose acquisition company, in late 2020.

Fort Lauderdale, FL January 28, 2021 – Pine Island Capital Partners (“Pine Island”), a private investment firm that offers a differentiated approach to investing in the middle market, today announced that it has expanded its team with the appointment of David Wajsgras and Matthew Levine as partners. Both of them will also serve on the firm’s investment committee.

Mr. Wajsgras most recently served as president of the Intelligence, Information and Services (IIS) business at Raytheon Company, now part of Raytheon Technologies (NYSE: RTX). He brings with him 20 years of experience at the senior executive management level in the aerospace and defense industries. Mr. Levine is a seasoned investment leader and former partner at EQT Partners (STO: EQT) who has more than 20 years’ experience across all aspects of private equity investing.

About David Wajsgras
David Wajsgras has 20 years of experience at the senior executive management level, providing operational, strategic and financial leadership in both the commercial and defense industries. Wajsgras most recently served as president of the Intelligence, Information and Services (IIS) business at former defense industry leader, Raytheon Company, now part of Raytheon Technologies. The IIS business delivers world class systems and solutions in defense, intelligence, space, cybersecurity and training. While president of IIS, Wajsgras increased sales, outpacing industry growth rates, and significantly improved profitability and margins through focused pricing strategies, cost reduction initiatives, and successful executing a digital transformation strategy for program execution.

Previously, Wajsgras was Senior Vice President and CFO at Raytheon and led the company’s overall financial and mergers and acquisitions strategy. Raytheon provides state-of-the-art electronics, mission systems integration, command and control products and services, sensing, effects, and mission support. Before joining Raytheon, he was Executive Vice President and CFO at Lear Corporation, in addition to having direct profit and loss responsibility for the manufacturing division.

In 2019 and 2020, WashingtonExec named Wajsgras to its top 25 list of executives for leading change in uncertain times, in addition to naming him Intelligence Industry Executive of the Year in 2019. Wajsgras has appeared on Executive Mosaic’s Wash100 list of influential leaders in government contracting for six consecutive years, and was selected as Federal Computer Week’s prestigious Industry Eagle Award winner in 2018. As Raytheon’s CFO, he was named one of the Wall Street Journal’s 25 Best CFOs among larger companies.

Mr. Wajsgras currently serves on the Board of Directors for Parsons Corporation (NYSE: PSN), Martin Marietta Materials, Inc. (NYSE: MLM), Dreamscape Immersive and Altamira Technologies Corporation. He earned his BS at the University of Maryland and an MBA from American University.

About Matthew Levine
Matthew Levine was previously a Partner at EQT Partners a global investment firm with over €52 billion in assets under management, and served on the Investment Committee of the EQT US Mid-Market Fund. Mr. Levine’s responsibilities spanned all aspects of the investment function, including acting as a co-lead to the fundraise of a ~$700 Million fund, hiring the local investment team, developing and executing the go-to-market strategy and building a network of executives to drive a differentiated deal sourcing, due diligence and value creation platform. Mr. Levine’s investment activity focused on long-term sustainable business models with significant growth dynamics, including software, industrial technology and tech-enabled services, culminating in the investments of Dorner, Innovyze and FocusVision. Prior to joining EQT, Mr. Levine spent 15 years with American Securities, a US private equity firm with over $23 billion in assets under management. Prior to American Securities, Mr. Levine was in the Financial Entrepreneurs Group at Salomon Smith Barney.

Mr. Levine holds a BS in Economics, cum laude, from the University of Pennsylvania’s Wharton School of Business and an MBA, with honors, from Columbia University.

About Pine Island Capital Partners (https://www.pineislandcp.com)
Pine Island has combined an experienced investment team with a group of accomplished former senior government, military officials, and business leaders. Each member of the team actively participates in sourcing deals, conducting analyses, winning bids, closing transactions, and directly advising the companies in which Pine Island invests. The firm believes the extensive leadership, investing, and industry expertise of its partners enables it to employ a differentiated approach to middle market investing. In addition to the firm’s traditional private equity work, it successfully launched a SPAC in late 2020.

Maine and Oregon, December 18, 2020 – Precinmac Precision Machining (“Precinmac”), a diversified manufacturer of high-precision machined components and assemblies in the aerospace and defense, semiconductor, and general industrials sectors, today announced the acquisitions of Viper Northwest, Inc. and Shields Manufacturing, Inc. The acquisitions strengthen Precinmac’s West Coast presence while enhancing the Company’s differentiated value proposition to customers in the region. Financial terms of the private transactions were not disclosed.

Founded in 1985 and located in Albany, Oregon, Viper Northwest primarily serves the deposition sector of the semiconductor market. In addition to the company’s machining, fabrication, and assembly services, Viper Northwest provides complimentary design assistance and support for both manufacturing engineering as well as contract manufacturing. Viper Northwest was the recipient of LAM Research Corp.’s 2020 Supplier Excellence Award.

Founded in 1991 and located in Tualatin, Oregon, Shields Manufacturing serves the semiconductor, life sciences and aerospace markets with precision CNC machined components and assemblies. The business, which is family-owned by William and Ruth Shields, brings medium and high complexity plastic machining and assembly into the Precinmac portfolio.

“We are excited to grow our presence in the West Coast by adding these high-quality businesses into our highly diversified portfolio,” said Eric Wisnefsky CEO of Precinmac. “These acquisitions are part of a multi-faceted strategy to expand our business through acquisition in all sectors. We are well-positioned to continue our growth trajectory as we strengthen our supply chain and continuously deliver quality parts on-time to our customers in critical industries.”

Prior to the two acquisitions, Precinmac had 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 provides broad capabilities and expertise to these demanding industries.

“These acquisitions will allow us to better serve our customers in the semiconductor, defense, and the aerospace markets,” said John Brocke, President of Maine Machine and Hoppe Technologies. “We are excited to extend our diversified strategy across industries to Viper and Shields and support the growth of our customers.”

Precinmac is owned by Pine Island Capital Partners, LLC, Bain Capital Credit, LP, and Compass Partners 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 six divisions in the United States and Canada – Maine Machine Products Company, Hoppe Technologies, Trimaster Manufacturing, HPG, Viper Northwest, and Shields Manufacturing.

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.

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.