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Mill Point Adds Another to KKSP

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KKSP Precision Machining, a portfolio company of Mill Point Capital, has acquired Prime Engineered Components, a maker of metal parts used in the defense, medical, automotive, and aerospace sectors.

Prime’s capabilities include screw machining, CNC machining, engineering, cleaning, and assembly of brass, aluminum, stainless steel, steel, nickel alloys, bronze, titanium, and certain plastics including acetal, nylon, and teflon.

Prime, led by President Mark Izzo, was founded in 1967 and is headquartered in Watertown, Connecticut.

KKSP is one of the largest manufacturers of machined metal components produced on automatic screw machines. The company has more than 425 screw machines in four locations in the US and Mexico and machines over 220 million parts annually. The company’s brass, stainless steel, steel, aluminum, bronze, and copper products are used by its customers in a wide range of applications in the HVAC, fire suppression, appliance, automotive, heavy truck, plumbing, medical and marine industries.

KKSP, led by President Dave Dolan, was founded in 1968 and is headquartered near Chicago in Glendale Heights, Illinois. Mill Point acquired the company from CapitalWorks in December 2017.

“We are extremely excited to join forces with the Prime organization and leverage the unique strengths of both organizations to broaden our product offerings to KKSP and Prime customers alike. Prime has built a very stable and capable business over three generations of family ownership and we are honored by the trust they have placed in KKSP to protect and continue to build upon those resources, and in particular, to have Mark Izzo as part of the KKSP Leadership Team going forward,” said Mr. Dolan.

The buy of Prime is the second add-on acquisition completed by KKSP under Mill Point’s ownership. In August 2019, the company acquired Grove Industries, an Illinois-based manufacturer of brass machined metal hose fittings and adapters.

Mill Point makes control-oriented investments of $15 million to $80 million in business services and industrial companies that have enterprise values of $50 million to $250 million. Mill Point closed its inaugural institutional fund, Mill Point Capital Partners LP, at its hard cap of $450 million in May 2018. The firm was founded by Managing Partner Michael Duran and is based in New York City.

© 2020 Private Equity Professional | April 3, 2020

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Source: https://peprofessional.com/2020/04/mill-point-closes-second-kksp-add/

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