Private equity firm invests in In-Place Machining

Milwaukee company plans to enter new markets, geographies

Money

Milwaukee-based In-Place Machining Co. LLC received an investment from Colorado private equity firm Platte River Equity, the companies announced Monday.

The investment was made in partnership with the existing ownership of In-Place. Exact terms of the deal were not disclosed, but Michelle Eidson, Platte River Equity vice president of business development and marketing, said it was “comfortably” in the middle to lower-middle portion of Platte River’s typical $20 million to $80 million investment range.

In-Place designs and develops machine tool systems and provides precision field machining and measurement services to a wide range of industries. The company was founded in 1976 and is currently headquartered at 3811 N. Holton St. There are more than 100 employees at locations in Milwaukee and Virginia.

“Platte River was attracted to IPM’s extensive capabilities and stellar reputation, and is excited to partner with the management team of IPM to grow the company’s leadership position in the on-site machining space,” said Mark Brown, Platte River principal.

Jonathan Eder, In-Place president, said the company would benefit from Platte River’s experience with industrial service businesses.

“We’re especially excited about continuing to grow our staff of technicians to keep up with demand for our services, entering new geographies and end markets, and expanding both the breadth and depth of services we offer to both current and new customers,” Eder said.

Eidson said In-Place could possibly also make some strategic add-on acquisitions.

Platte River typically invests in companies with values between $40 million and $250 million in sectors where it has operating and investing experience, including aerospace and transportation; energy and industrial products and services; and chemicals, metals, minerals and agriculture.

The firm has raised funds with committed capital in excess of $700 million. The In-Place investment was made from its third fund, Platte River Equity III, a $405 million fund closed in 2012.

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Arthur covers banking and finance and the economy at BizTimes while also leading special projects as an associate editor. He also spent five years covering manufacturing at BizTimes. He previously was managing editor at The Waukesha Freeman. He is a graduate of Carroll University and did graduate coursework at Marquette. A native of southeastern Wisconsin, he is also a nationally certified gymnastics judge and enjoys golf on the weekends.

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