Milwaukee-based In-Place Machining Co. has been acquired by Levine Leichtman Capital Partners and members of the company’s management team.
Terms of the deal were not disclosed.
IPM is a provider of high-acuity, field machining, metrology and diamond wire-cutting services for mission-critical infrastructure and equipment. The company provides services for manufacturing, naval and marine, hydroelectric, metals, and aerospace markets.
Levine Leichtman Capital Partners is a Los Angeles-based private equity firm. The acquisition is the first investment for LLCP’s Lower Middle Market Fund III, which was significantly over subscribed and recently closed with $1.38 billion in capital commitments.
Dean Flint, chief executive officer of IMP, and the existing executive team will continue to lead the company.
“My team and I are thrilled to partner with LLCP to enhance IPM’s market-leading position,” Flint said. “LLCP’s deep experience in both business services and highly engineered products makes them a unique partner as we work to continue to support our customers globally with mission-critical services.”
Matthew Rich, senior managing director of LLCP, said IPM has had “impressive growth over the past several years.”
“The company has demonstrated unparalleled expertise in the on-site machining industry, expanding its reach into new geographies and end markets, while broadening its service offerings. We look forward to capitalizing on IPM’s attractive growth opportunities, including organic initiatives and potential acquisitions,” Rich said.