Platte River Equity announced today that it had acquired the outstanding stock of Precision Machine Works, Inc. (“Precision Machine Works” or the “Company”), in partnership with senior management of the Company. Headquartered in Tacoma, Washington, Precision Machine Works specializes in the manufacture and assembly of hard metal structural components for the commercial and defense aerospace markets.
In conjunction with the transaction, Precision Machine Works announced the promotion of David Baublits to the position of Chief Executive Officer. Mr. Baublits succeeds John Gazecki who will become the Company’s Chairman. Having joined Precision Machine Works in 2000, Mr. Baublits was most recently Vice President of Operations and brings 25 years of manufacturing experience to his leadership of the Company.
“We are delighted to be partnering with Platte River Equity,” said David Baublits. “With the significant operating and financial experience of the firm’s principals, in the aerospace industry in particular, we believe we have found a partner that can help us achieve the Company’s primary business goal of supporting the important programs of our customers. With access to additional capital to expand the Company’s manufacturing capacity and capabilities, we look forward to realizing the continuing long-term success that we know Precision Machine Works will achieve with our customers.”
“We are pleased to be backing the outstanding management team and workforce of Precision Machine Works,” said J. Landis Martin, Founder and Managing Director of Platte River Equity. “The acquisition of Precision Machine Works further demonstrates our commitment to the aerospace industry. Platte River Equity continues to seek to acquire successful aerospace components suppliers that provide highly engineered products and services and demonstrate compelling economic value for their customers.”
About Precision Machine Works
Precision Machine Works is an industry leading provider of machining and assembly services to the aerospace industry, with strong expertise working with hard metals such as titanium, nickel alloys and stainless steel. The Company has established long-term supply relationships with leading airframe manufacturers Boeing and Goodrich, as well as many of their suppliers including Fuji, Kawasaki, Korean Air, Mitsubishi and Shinmaywa.
Precision Machine Work’s parts can be found on established commercial aircraft including Boeing’s 737, 747, 767, 777 and 787, as well as the Airbus A320 family of planes. Military platforms with the Company’s parts include the F-22 and C-5. With more than 50 years of experience, the Company is known throughout the aerospace industry for its hard metal machining expertise and its capabilities in the assembly of complex aerospace components.
About Platte River Equity
Platte River Equity is a private equity investment firm based in Denver, Colorado, which focuses on investments in small and middle market industrial and other companies. Utilizing the significant operating expertise of its principals, Platte River Equity serves as a value-added investor to its management partners. The firm invests in a broad range of transactions, including management buyouts, recapitalizations, and corporate divestitures, as well as growth equity investments in companies in need of expansion capital.