PITTSBURGH–(BUSINESS WIRE)–Main Street Capital Holdings, LLC, a Pittsburgh-based private equity firm, is pleased to announce the acquisition of Strom Manufacturing, Inc., by its portfolio company, Compass Precision, LLC. Strom Manufacturing is the seventh operating company and second add-on acquisition completed by Compass Precision this year.
Founded in 1974, Strom Manufacturing is a highly automated manufacturer of precision metal components based in North Plains, OR. Strom serves a select group of well-known high-tech customers and consumer products customers, primarily in the Pacific Northwest. The company’s differentiating capabilities include both horizontal and vertical 4-axis mills for precision machining. Bill Strom is the President of the company and will continue in his current role going forward.
“Strom Manufacturing is a terrific CNC machine shop with significant investment in automated milling equipment. This allows its machines to run unattended and lights-out,” explained Gary Holcomb, Compass President & CEO. “We are very attracted to these differentiating capabilities. Strom fits in perfectly with our strategy of building a decentralized group of high-quality precision machine shops that service high-growth end markets across the United States.”
Ryan Davis, Managing Partner of Main Street commented, “Strom is a strong fit with Compass in all critical categories. We were immediately drawn to its talented management team as well as the company’s extensive use of automation and quality systems. We’re thrilled to have Strom as an important part of our growing platform.”
Compass Precision will continue to look to acquire companies with complementary products, end-markets, geographies, or manufacturing capabilities. Of particular interest are companies with advanced production capabilities, strong management teams, recurring projects, and high growth end-markets.
About Compass Precision, LLC
Based in Charlotte, NC, Compass Precision, LLC, was created to acquire companies in the precision metal manufacturing industry. Compass Precision was formed in October 2019 through the acquisition of Quality Products & Machine, LLC, Advanced Machining & Tooling, LLC, and Tri-Tec Industries Inc. Gray Manufacturing Technologies, LLC, Douglas Machining Services, LLC, and R&D Machine and Engineering, Inc. were acquired in 2020, 2021, and 2022, respectively. Compass’s manufacturing capabilities include advanced CNC machining, EDM, fabricating, assembly, and test services. The companies service a diversified group of blue-chip customers in the aerospace & defense, space, medical, industrial, energy, and telecommunication industries. For more information, please visit www.compassprecision.com.
About Main Street Capital Holdings, LLC
Founded in 1994, Main Street Capital Holdings, LLC is a Pittsburgh-based private equity firm that acquires companies in a select group of industries at the lower end of the middle market. Main Street acquires control positions in companies with enterprise values ranging from $10 million to $125 million. A key to Main Street’s success is its strong partnerships with existing management teams and proven operators. For more information, please visit www.mainstcap.com.