The Jordan Company and Nautic Partners said Monday they have agreed to sell Precision Engineered Products Holdings Inc. to NN Inc. Financial terms weren’t announced. NN, in a separate statement, said it is paying $615 million for Precision Engineered. Attleboro, Massachusetts-based Precision Engineered makes highly engineered precision customized solutions, like reusable and disposable surgical devices, for the medical, electrical, transportation and aerospace end markets. Piper Jaffray & Company and Lincoln International acted as financial advisors to PEP.
New York, NY: August 17, 2015 – The Resolute Fund II, L.P., a private equity fund managed by
The Jordan Company II, L.P. (“The Jordan Company”), and Nautic Partners VI, L.P. (“Nautic
Partners”) today announced that they have entered into a definitive agreement to sell Precision
Engineered Products Holdings, Inc. (“PEP”) to NN, Inc. (NASDAQ:NNBR). The Resolute Fund II,
L.P., Nautic Partners VI, L.P. and management acquired PEP in December 2010. The transaction
is expected to close in October 2015.
Headquartered in Attleboro, Massachusetts, PEP is a full-service global manufacturer of highly
engineered precision solutions used in a number of high growth end markets including medical,
electrical control and distribution, transportation and aerospace. The company’s unique
engineering and manufacturing capabilities enable it to meet its customer’s specific demands
for customized metal, precious metal and molded plastic components. PEP is a leading provider
of surgical staple loaded cartridges and other components and assemblies used in the medical
end-market including laparoscopic devices, surgical instruments, medical disposables and
dental and medical implants. In addition, PEP is also a leader in critical components and
electrical contacts and assemblies for switching functions in advanced metering devices used in
smart grid technology.
John Manzi, PEP’s President and Chief Executive Officer, commented: ”The senior management
team at PEP has greatly enjoyed our long-term relationship with The Jordan Company and
Nautic Partners. Their financial support and strategic guidance have helped us build a well-
diversified business that is positioned to continue our strong growth trajectory going forward.
We look forward to joining the NN team and realizing the numerous strategic benefits of the
combination of our businesses.”
“It has been a pleasure to partner with John Manzi and the management team at PEP.” said
Rich Caputo, Co-CEO and Managing Partner at The Jordan Company. “With the recent
acquisitions, PEP is well-positioned to take advantage of new markets. Management has
demonstrated its ability to identify, execute and integrate selective acquisitions that strengthen
the company’s capabilities to broaden product offerings and add new customer. ”
“We have had an excellent experience working closely with John Manzi and the management
team at PEP.” said Bernie Buonanno, Managing Director of Nautic Partners. “During our
ownership, PEP has grown its core business and repositioned itself with a greater focus on the
medical, energy and aerospace end markets. The team has accomplished this through several
strategic acquisitions as well as an increased investment in the company’s sales and marketing
resources. Management has done an outstanding job and the company is well positioned for
Piper Jaffray & Company and Lincoln International acted as financial advisors to PEP. Locke
Lord LLP and Mayer Brown LLP served as the company’s legal counsel.
About Precision Engineered Products
Precision Engineered Products integrated business groups offer finished devices and assemblies,
precision stampings, electrical contacts, clad and specialty metals, precision plated parts, surface
finishing and injection molding to worldwide markets including medical and surgical, energy,
commercial electronics and computing, transportation, defense and communications. PEP brands
include BE-ST®, Brainin, Connecticut Plastics, General Metal Finishing, Holmed,
HowesTemco, Lacey, microPEP, Polymet, Premco, Profiles and Wauconda.
About The Jordan Company
The Jordan Company (www.thejordancompany.com), founded in 1982, is a middle-market
private equity firm that manages funds with original capital commitments in excess of $8 billion
with a 32-year track record of investing in and contributing to the growth of many businesses
across a wide range of industries. The senior investment team has been investing together for
over 20 years and they are supported by the Operations Management Group, which was
established in 1988 to initiate and support operational improvements in portfolio companies.
Headquartered in New York, The Jordan Company also has offices in Chicago and Shanghai.
About Nautic Partners
Founded in 1986, Nautic is a middle-market private equity firm that has managed over $3 billion
of assets throughout its history. The firm has completed 122 transactions in partnership with
management. Nautic targets equity investments of $25 to $75 million, representing majority
ownership in niche businesses with strong market share and growth potential, identified value
enhancement opportunities and strong management teams. Areas of focus include business
services, manufacturing, and healthcare. For more information, please visit: www.nautic.com.