DENVER, Nov. 28, 2016 (GLOBE NEWSWIRE) -- Platte River Equity (“Platte River”) announced today that it has invested in In-Place Machining Company, LLC (“IPM” or the “Company”) in partnership with the existing ownership of the Company. Founded in 1976 and headquartered in Milwaukee, Wisconsin, IPM is a globally-recognized service company focused on providing highly technical, precision on-site machining & measurement services to customers in the power generation, metal production, infrastructure, marine and defense industries.
“With four decades of technical and project expertise, an unmatched inventory of custom machine tools, established business information systems and highly trained technicians, IPM holds a unique and defensible position in the on-site machining industry,” commented Platte River Principal Mark Brown. “Platte River was attracted to IPM’s extensive capabilities and stellar reputation, and is excited to partner with the management team of IPM to grow the Company’s leadership position in the on-site machining space.”
Jonathan Eder, President of IPM, said, “We look forward to partnering with Platte River and will benefit from the firm’s significant experience with industrial services businesses. We’re especially excited about continuing to grow our staff of technicians to keep up with demand for our services, entering new geographies and end markets, and expanding both the breadth and depth of services we offer to both current and new customers. We’ve always been pioneers in the field of on-site machining and are confident that Platte River is the right partner to help us maintain that legacy while achieving transformational growth.”
Platte River invested out of its third fund, Platte River Equity III, L.P. Bartlit Beck Herman Palenchar & Scott LLP served as legal counsel to Platte River, and Abacus Finance provided debt financing for the transaction.
About In-Place Machining Company, LLC In-Place Machining Company, LLC designs and develops specialized machine tool systems, and provides precision field machining & measurement services to a wide range of industries. In-Place Machining Company, LLC has more than 100 highly skilled employees in multiple locations as well as one of the largest inventories of dedicated on-site machining tools and systems in the country.
About Platte River Equity Based in Denver, Colorado, Platte River Equity is a private equity firm focused on equity investments from $20 million to $80 million in lower middle market operating companies with enterprise values generally between $40 million and $250 million. The firm invests in sectors where it has deep operating and investing experience, including aerospace and transportation; energy and industrial products and services; and chemicals, metals, minerals and agriculture. Platte River has raised funds with committed capital in excess of $700 million.
Contact Michelle Eidson Platte River Equity Vice President of Business Development and Marketing meidson@platteriverequity.com (303) 292-7308 www.platteriverequity.com
