Sale of Premier Precision Group’s Stremel Manufacturing Division to Chandler Industries
MINNEAPOLIS, Minn—February 12, 2013—The Stremel Manufacturing Division of Premier Precision Group (“PPG”), a portfolio company of Spell Capital Partners, LLC (“Spell Capital”) has been acquired by Chandler Industries, Inc. (“Chandler”), a portfolio company of Arch Equity Partners (“Arch Equity”).
The Stremel Manufacturing Division, located in Minneapolis, Minnesota, provides high precision fabricated components to the aerospace industry. Products include assemblies used in munitions, weapons pylons, aircraft doors, and much more. Stremel supplies Boeing, Goodrich, Honeywell, Eaton, Raytheon and other top aerospace OEMs for aircraft/munitions programs, including the JDAM, Small Diameter Bomb, C-5 Galaxy, Ah-64 Apache, F-18 Hornet, and many others. Premier Precision Group is a portfolio company of Minneapolis, Minnesota-based private equity group, Spell Capital Partners. For more information, please see www.premierprecision.com and www.spellcapital.com.
Chandler Industries, Inc. is a contract manufacturer of precision machined components, sub-assemblies, and complete assemblies. Chandler machines difficult types of materials for demanding customer applications, providing integrated service from initial product design and prototypes to product development and testing right through full production CNC machining. Based in Montevideo, Minnesota, Chandler is one of the largest CNC machining suppliers in the upper Midwest and a portfolio company of St. Louis, Missouri-based Arch Equity Partners. For more information, please see www.chandlerindustries.com and www.archequitypartners.com.
Justin Besikof, President of Lurie Besikof Lapidus Private Investment Banking, acted as the exclusive financial advisor to Premier Precision Group and Spell Capital. Besikof stated, “This was an excellent strategic fit for Chandler and Stremel. It was a pleasure working with the teams from both companies to close our sixth aerospace/defense transaction in the past 24 months.”
Legal counsel for the transaction included Briggs and Morgan, P.A., who advised Premier Precision Group and Spell Capital, and Affinity Law Group, who advised Chandler Industries, Inc.
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Lurie Besikof Lapidus Private Investment Banking, LLC specializes in representing the sellers of closely-held, family owned and private equity sponsored companies in manufacturing, distribution and business services operating across a variety of industries including, industrial, technology, healthcare and consumer. Please visit www.lblpib.com for more information.