HCPI PORTFOLIO COMPANY PRINCE INDUSTRIES EXPANDS ITS AEROSPACE AND DEFENSE CAPABILITES WITH ACQUISITION OF VULCAN MACHINE
CHICAGO – June 27, 2023 – Prince Industries (“Prince”), a leading precision machining and sheet metal fabrication company and HC Private Investments (“HCPI”) portfolio company, today announced that it successfully acquired Vulcan Machine, Inc. (“Vulcan”) in a transaction that will further bolster its aerospace and defense capabilities. Vulcan will continue to be led by its executive team, including Jim Williams and Jim Houser. Terms of the transaction were not disclosed.
Based in Tampa, FL, Vulcan operates an AS9100-certified facility providing tight tolerance precision machined parts to its leading aerospace and defense customers.
“Vulcan Machine is our second acquisition in the growing aerospace and defense market,” said Mark Miller, Chief Executive Officer of Prince. “As we at Prince focus on strategically driving growth through both organic initiatives and acquisitions in the aerospace and defense end markets, Vulcan is an ideal strategic fit given their leading customer base and strong leadership team. I am delighted to partner with Vulcan founder and CEO Jim Williams to support Vulcan’s next chapter of growth.”
Jim Williams added, “We were immediately drawn to the opportunity to partner with Prince Industries and HCPI given their strategic vision for our combined companies and their employee-first approach. I am excited to remain a part of this growing organization and to continue our unwavering commitment to our customers.”
Winston & Strawn LLP served as legal counsel to Prince Industries and HCPI. Banking veteran, Tom Elliott of Capstone Partners provided financial advice to Vulcan. Wintrust Financial Corporation provided debt financing for the transaction.
ABOUT PRINCE INDUSTRIES
Prince Industries is a precision machining and sheet metal fabrication company focused on the industrial, aerospace, and medical end-markets. Prince provides its customers with a full suite of services from engineering and product design to material selection, process mapping, welding, powder coating and assembly. Prince also has a global division, QP Hydraulics, that leverages these manufacturing capabilities to provide joysticks and check valves into the mobile hydraulics and construction equipment markets. Originally acquired by HCPI in 2022 and still led by its founding family member, Mark Miller, Prince has approximately 350 employees across five manufacturing facilities globally. For more information, please visit https://www.princeind.com/ and www.qphydraulics.com.
ABOUT HC PRIVATE INVESTMENTS
HC Private Investments is a private equity investment firm focused on making investments in lower middle-market manufacturing businesses within the consumer and industrial markets. HCPI invests on behalf of the family office of Joe Niciforo. The firm will also bring select family offices and individuals to participate in its transactions providing HCPI with a flexible and patient capital base. With a focus of being the first institutional investor in a business, HCPI seeks to partner with business owners, executives and management teams to identify opportunities to remove impediments to growth enabling companies to maximize their full value potential. For more information, please visit www.hcprivateinvest.com.