Milwaukee-based private equity firm Generation Growth Capital Inc. has acquired St. Lucie, Fla.-based Atlantic Precision Inc.
Senior financing was provided by FNB Fox Valley. The transaction price was not disclosed.
Atlantic Precision uses 3D printing and additive manufacturing technologies to prototype and provide low production volume aerospace parts. The company has a new, 35,000-square-foot facility.
API will become part of the Model 2 Machine Group, Generation Growth’s platform of companies that assist OEM customers with development and production. M2M Group includes M2M Machining Inc., Mica Tool & Manufacturing LLC, Tri Aerospace LLC and Clinkenbeard & Associates Inc.
“The acquisition of API really solidifies our capabilities in the aerospace industry,” said Chuck Madore, CEO of M2M. “The addition of direct metal laser sintering, 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.”
Tim Ritter, president and co-owner of API, approached GGC because of the complementary aerospace operations with its M2M group.
“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,” Ritter said.
The existing API management team will continue to lead the company, and GGC plans to continue investing in technology for the firm.
“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,” said John Reinke, managing director at GGC. “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.”