In-Place Machining Company, Inc. (“IPM”)

Location

Milwaukee, WI

Industry

Industrials

Investment Status

Realized

Investment Date

Nov 2016

Realized Date

Sep 2021

Sold to

Levine Leichtman Capital Partners

Company Information (At Exit)

Investment Thesis

Platte River Value Add

Company Information (At Exit)

Founded in 1976, IPM is a provider of on-site precision field machining, diamond wire cutting, metrology and specialty welding
IPM services critical infrastructure and equipment in the field for a wide variety of end markets including marine, defense, hydro, metal production, nuclear decommissioning and power generation
Family-owned business looking for a partner to help accelerate growth and provide a leadership succession path

Investment Thesis

Industry: Increasing demand for field services due to aging infrastructure, accelerating trend toward outsourcing repairs, extended lead times for new equipment and a shortage of technical labor
Opportunity: Invest in a globally recognized brand with significant intellectual property
Strategy: Recruit key senior managers, expand service offering, broaden geographic reach and leverage IPM’s proprietary business system

Platte River Value Add

Hired CEO, CFO, VP of Operations, VP of Sales & Marketing and numerous mid-level managers
Expanded service locations from two to nine
Completed two add-on acquisitions that expanded breadth of services and increased market opportunity
IPM net sales grew 82%, profit margins expanded by 700bps and EBITDA more than doubled

VSG

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