Milwaukee-based private equity firm Generation Growth Capital Inc.
has sold one of its portfolio companies in preparation for three new acquisitions it plans to make before the end of the year.
GGC has sold Port St. Lucie, Florida-based Atlantic Precision Inc.
to Portland, Oregon-based Precision Castparts Corp.
The details of the transaction were not disclosed.
API is an aerospace machining, design and manufacturing company that specializes in 3D printing metal. It recently opened a new 35,000-square-foot headquarters facility. GGC purchased API out of its second fund.
Precision Castparts manufactures complex metal components and products for aircraft engines and industrial gas turbines. Among its clients are Airbus, Boeing, GE and Rolls-Royce. PCC has a global manufacturing and distribution network.
Generation Growth Capital, led by Cory Nettles and John Reinke, recently completed
the first close of a new $50 million fund it is raising to finance its next round of acquisitions.
The firm revealed to BizTimes Milwaukee
it plans to sell several of its eight portfolio companies from its first and second funds before the end of the year to make room for three pending acquisitions from Fund III.