CHICAGO–(BUSINESS WIRE)–HC Private Investments (“HCPI”), a Chicago-based family office private equity firm, and Isleworth Capital Partners (“ICP”) today announced a strategic partnership with Prince Industries LLC (“Prince” or the “Company”) known. ), a leading precision machining and sheet metal fabrication company.
Proceeds from the investment will be used to accelerate Prince’s growth plans and expand its operational capabilities. As part of the transaction, veteran industry executives Frank Feraco and Ryan Sullivan have joined the company’s board of directors. Mark Miller, whose father founded Prince in 1959, will continue to serve as chief executive officer and board member and retain a significant interest in the company. The financial terms of the transaction were not disclosed.
Headquartered in Carol Stream, IL, Prince designs and manufactures precision machined sheet metal components and assemblies. The company serves a wide range of end markets including telecommunications, hydraulics, medical/dental, computer peripherals and electronics. The company employs approximately 260 people and operates three facilities in Carol Stream and Batavia, IL and Shanghai, China.
HCPI Managing Partners John P. Kelly and Matthew J. Moran said: “For the past six decades, Prince Industries has distinguished itself with an unwavering focus on quality, innovation and service in support of its many great customers. We are pleased to be working with Mark Miller and his team to support Prince’s continued growth and market expansion. We have great respect for the company and the team that Mark and his family have built and intend to maintain the company’s deep commitment to the Carol Stream community. We have worked closely with Frank Feraco and Ryan Sullivan for many years and believe they will provide significant input and industry knowledge to support Prince’s continued success.”
Mr Miller added: “We are pleased to welcome Mr. Feraco, Mr. Sullivan and HCPI as capital and strategic partners as we move into the next phase of our development. Importantly, in HCPI we found a truly matched partner who quickly understood our business and supported our approach of tailoring our services to the specific needs of each client. With additional leadership resources and a strong, long-term financial partner, Prince is well positioned to maximize our future growth potential.”
Winston & Strawn LLP acted as legal counsel to HCPI. Wintrust Financial Corporation and Midwest Mezzanine Funds provided debt financing for the transaction. The Chicago Corporation acted as Prince’s financial advisor.
ABOUT HC PRIVATE INVESTMENTS
HC Private Investments (“HCPI”) is a private equity investment firm focused on making investments ranging from $10 million to $40 million in lower-middle manufacturing companies in the consumer and industrial markets. HCPI invests on behalf of the family office for HC Technologies, LLC, a Chicago-based principal trading company led by Joe Niciforo with offices in New York, London and Singapore. The firm will also include select family offices and individuals to participate in its transactions, giving HCPI a flexible and patient capital base. Aiming to be the first institutional investor in a company, HCPI seeks partnerships with business owners, executives and management teams to identify opportunities to remove barriers to growth that allow companies to maximize their full value potential. Visit www.hcprivateinvest.com for more information.
ABOUT PRINCE INDUSTRIES
Prince Industries is a precision machining and sheet metal fabrication company focused on the industrial and medical end markets. Prince offers its customers a full range of services from engineering and product design to material selection, process mapping, welding, powder coating and assembly. Visit https://www.princeind.com/ for more information.