CIC Partners (“CIC”), a Dallas-based middle-market private equity firm, is pleased to announce a controlling equity investment in Precision Aerospace (“Precision”).
Dallas, Texas — September 26, 2022
Based in North Texas, Precision Aerospace (“Precision”) today consists of two manufacturing businesses under one platform: Dallas based Applegate EDM – a leader in wire, sinker, and EDM hole drill services – and Irving based Icon Machining Company – a tight tolerance CNC machining company. These businesses specialize in sophisticated parts manufacturing using complex alloys and have both been serving leading aerospace and defense companies for over 20 years.
CIC Partners partnered with Pete Stegmaier, a former Eaton Aerospace executive who will lead the new venture as CEO, and Juniper Capital Management to acquire both Applegate EDM and Icon Machining and create the Precision Aerospace platform on June 30, 2022.
“Both Applegate and Icon have developed a best-in-class reputation for precision manufacturing and EDM services by consistently meeting difficult quality and delivery standards on challenging and complex metals,” Stegmaier said. “Combining Applegate and Icon under the Precision umbrella will make the whole even greater than the individual parts.”
“We expect these initial acquisitions to be the first of many as Precision develops its robust defense and aerospace platform,” added Bayard Friedman, managing director with CIC Partners. “We look forward to leveraging the joint capabilities of these two businesses to continue developing some of the world’s most sophisticated air and space components.”
Along with Bayard Friedman, CIC Partner Fouad Bashour and CIC Operating Partner Brian Nerney will serve on the board of directors of Precision along with the seller of the businesses who has agreed to roll a significant amount of equity into the platform.
ABOUT CIC PARTNERS
CIC Partners is a middle-market private equity firm that manages the personal capital of its investment team, operating partners and strategic investors and seeks to invest in growth-oriented companies in partnership with owner-operators, founders and management teams. CIC looks for opportunities where it can leverage the collective experience of its investment team and its operating partners, who are successful CEOs and entrepreneurs, to guide, support and add value to portfolio companies. Based in Dallas, Texas, the firm has been generating wealth in private equity investing for its investors and management teams for over 30 years. For additional information, please visit www.cicpartners.com