Compass Precision LLC, which is backed by Main Street Capital Holdings LLC, has acquired Gray Manufacturing Technologies LLC, a maker of precision metal components for the space, aerospace, and defense industries. No financial terms were disclosed.
PITTSBURGH–(BUSINESS WIRE)–Main Street Capital Holdings, LLC, a Pittsburgh-based private equity firm, is pleased to announce that its portfolio company, Compass Precision, LLC, has acquired Gray Manufacturing Technologies, LLC. Gray is a leading manufacturer of precision metal components for the space, aerospace, and defense industries.
Based in Denver, NC, Gray Manufacturing Technologies is a highly automated manufacturer of precision metal components. Manufacturing capabilities include sophisticated, multi-axis machining, testing, and assembly. Their advanced capabilities allow them to produce complicated metal geometries required for many space, aerospace, and defense applications. Gray is a leader in the industry with its metrology lab and many advanced production certifications.
“When we formed Compass Precision, our plan was to grow aggressively, both organically and via acquisition,” asserted Gary Holcomb, Compass’s President and CEO. “Gray Manufacturing Technologies is an incredibly well-run precision manufacturer that is experiencing rapid growth by serving a select group of highly attractive customers and end-markets. They are a perfect fit for us.”
Ryan Davis, a Managing Partner of Main Street commented, “The strong management team and infrastructure that we have in place at Compass provides us with the ability to seamlessly integrate a series of add-on acquisitions. The industry is very fragmented and there are a lot of companies like Gray that would be a good fit with Compass. We’re actively looking for additional add-on opportunities.”
Davis added, “Both Compass and Gray have shown tremendous resiliency through the extremely challenging COVID-19 pandemic. The strong performance has been driven by a diverse set of capabilities, customers, and end-markets served. The acquisition of Gray Manufacturing further strengthens our position in the market by expanding our reach through additional capabilities and customer relationships.”
Compass Precision will continue to look to acquire companies with complementary products, end-markets, geographies, or manufacturing capabilities. Of particular interest are companies with advanced production capabilities, strong management teams, recurring projects, and high growth end-markets.
About Compass Precision, LLC
Based in Charlotte, NC, Compass Precision, LLC, was created to acquire companies in the precision metal manufacturing industry. Compass Precision was formed in October 2019 through the acquisition of Quality Products & Machine, LLC, Advanced Machining & Tooling, LLC, and Tri-Tec Industries Inc. Manufacturing capabilities include advanced machining, EDM, fabricating, assembly, and test services. The companies, including Gray Manufacturing Technologies, LLC, service a diversified group of blue-chip customers in the aerospace & defense, space, medical, industrial, energy, and telecommunication industries.
About Main Street Capital Holdings, LLC
Founded in 1994, Main Street Capital Holdings, LLC is a Pittsburgh-based private equity firm that acquires companies in a select group of industries at the lower end of the middle market. Main Street acquires control positions in companies with enterprise values ranging from $10 million to $125 million. A key to Main Street’s success is its strong partnerships with existing management teams and proven operators. For more information, please visit www.mainstcap.com.