The two private investment firms served as co-investment partners.
“We expect these initial acquisitions to be the first of many as Precision Aerospace develops its robust defense and aerospace platform,”
, managing director with CIC Partners, said in the release. “We look forward to leveraging the capabilities of these two complex manufacturing businesses to develop the highly sophisticated parts required by leading space, aerospace and defense contractors.”. Before joining the platform as CEO, Stegmaier worked at Ireland-based Eaton Aerospace.
“Both Applegate and Icon have developed a best-in-class reputation for precision machining and EDM services by consistently meeting difficult quality and delivery standards on challenging and complex metals,” Stegmaier said in the release. “Combining Applegate and Icon under the Precision Aerospace umbrella will make the whole even greater than the individual parts.”
CIC Partners and Juniper Capital Management served as co-investment partners to complete the recapitalization of Applegate EDM and Icon Machine Co. According to the release, this is the ninth portfolio acquisition for Juniper and the fifth investment fund for CIC.
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