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April 5, 2022

South Paris manufacturer is on a buying spree

An Oxford County manufacturer of high-tolerance precision-machined components and assemblies has scooped up two companies with complementary services over the past half year.

Last fall, South Paris-based Precinmac acquired Major Tool and Machine in Indianapolis, Ind. This week, Precinmac said it acquired Petersen Inc., headquartered in Ogden, Utah.

Terms of the transaction were not disclosed.

Alantra served as financial advisors and Willke Farr & Gallagher LLP and Weil, Gotshal & Manges LLP served as legal advisors to Precinmac. Stout served as accounting and tax advisors, and Polsinelli as legal advisors to Petersen Inc.

Precinmac is owned by private equity firms Pine Island Capital Partners LLC, Bain Capital Credit LP and Compass Partners Capital. The manufacturer specializes in high-precision machined components and assemblies in the aerospace and defense, semiconductor, medical and general industrial sectors. 

red building
Maine Machine Products Co., whose 65,000-square-foot plant in South Paris is shown here, is part of Precinmac.

In addition to Maine Machine Products Co. in South Paris, it owns Hoppe Technologies, Trimaster Manufacturing, HPG, Viper Northwest and Shields Manufacturing. It has manufacturing in the U.S. and Canada. 

The acquisition of Petersen Inc. will be the eighth company in the Precinmac portfolio.

“We are excited to continue our expansion by adding another best-in-class large format business which serves the technical needs of the market,” said Precinmac CEO Eric Wisnefsky. “This business is complimentary to the recent acquisition of Major Tool and Machine, which was added to our portfolio in September of 2021.”

Petersen Inc. was established in 1961 in Ogden, Utah, and has grown to over 1.2 million square feet there, with a second location in Pocatello, Idaho and more than 500 team members. The company serves industries such as aerospace, entertainment, hydro, industrial, mining, nuclear and petrochemical. Petersen Inc. products range from roller coasters and heavy-duty mining equipment to small, intricate machined parts for the aerospace industry.

Precinmac said the addition of Petersen will expand parent company's capabilities and product offerings to better serve the aerospace and defense, semiconductor, energy, medical and industrial sectors.

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