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 “Company”), 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, experienced 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 CEO and a member of the Board of Directors and will retain a significant investment in the Company. Financial terms of the transaction were not disclosed.
Headquartered in Carol Stream, IL, Prince designs and manufactures precision machined and sheet metal components and assemblies. The Company serves a wide range of end markets including telecommunications, plumbing, medical/dental, computer peripherals and electronics. The Company has approximately 260 employees and operates three facilities located in Carol Stream and Batavia, IL and Shanghai, China.
HCPI Managing Partners John P. Kelly and Matthew J. Moran said:Over the past six decades, Prince Industries has distinguished itself through an unwavering focus on quality, innovation and service in support of its many great customers. We are excited to be working with Mark Miller and his team to support Prince’s continued growth and market expansion. We have great respect for the business and team that Mark and his family have built, and we fully 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 valuable contributions and industry insights to support Prince’s continued success.”
Mr. Miller added, “We are excited to welcome Mr. Feraco, Mr. Sullivan and HCPI as capital and strategic partners as we embark on the next phase of our evolution. Importantly, in HCPI, we found a truly aligned partner who quickly understood our business and supports our approach of tailoring our services to each client’s specific needs. With additional executive resources and a strong, long-term financial partner, Prince is well positioned to maximize our future growth potential.”
Winston & Strawn LLP served as legal counsel to HCPI. Wintrust Financial Corporation and Midwest Mezzanine Funds provided debt financing for the transaction. Chicago Corporation acted as Prince’s financial advisors.
ON PRIVATE INVESTMENTS HC
HC Private Investments (“HCPI”) is a private equity investment firm focused on making investments between $10 million and $40 million in lower middle market manufacturing businesses in the consumer and industrial markets. HCPI invests on behalf of the family office for HC Technologies, LLC, a principal trading firm based in Chicago led by Joe Niciforo with offices in New York, London and Singapore. The firm will also bring selected family offices and individuals to participate in its transactions providing HCPI with a flexible and patient capital base. With a focus on being the first institutional investor in a business, HCPI seeks to work with business owners, executives and management teams to identify opportunities to remove barriers to growth, enabling companies to maximize their full value potential . For more information, visit www.hcprivateinvest.com.
ABOUT PRINCE INDUSTRIES
Prince Industries is a precision machining and sheet metal fabrication company focused on the industrial and medical end markets. Prince provides its customers with a full range of services from engineering and product design to material selection, process mapping, welding, powder coating and assembly. For more information, visit https://www.princeind.com/.