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Brightwood and PhenixFIN Provide Credit Facility Supporting Refinance of MB Precision

November 07, 2024, 07:45 AM
Filed Under: Manufacturing

Brightwood Capital Advisors, a private credit firm, and PhenixFIN Corporation, a publicly traded business development company, partnered with Insight Equity to provide a senior secured credit facility and preferred equity facility to support the refinancing of MB Precision Investment Holdings LLC. Jim Ashton, former Chairman of the Board and CEO of Precision Partners, will be joining the Company’s Board of Directors as part of this transaction. The financial terms of the transaction were not disclosed.

Precision is a provider of high-precision components and assemblies for the aerospace, defense, and industrial sectors, with manufacturing facilities located in Winslow, ME, Cincinnati, OH, and Phoenix, AZ. The company offers a comprehensive range of engineering services and collaborates closely with clients to deliver tailored, turnkey solutions. With decades of machining expertise and a commitment to superior craftsmanship, Precision is dedicated to producing reliable, mission-critical products that enhance operational efficiency and address the dynamic needs of the industry.

“We are excited to collaborate again with our valued partners at PhenixFIN to support this transaction,” said Scott Porter, Managing Director and Co-Head of Originations at Brightwood. “This refinancing marks an important strategic milestone for Precision, empowering the Company to build on its core platforms and scale its offerings to better serve its clients. This partnership will position Precision to effectively pursue its next phase of growth and long-term success.”

“The combined expertise of Brightwood and PhenixFIN was critical in the success of this transaction, and we are excited about this new partnership,” said Mike Heinold, Chief Financial Officer of the Precision management team. "Their strategic insights and support will be invaluable as we move forward in pursuing our growth objectives."

“Brightwood and PhenixFIN have been exceptionally supportive throughout this process, fully understanding our financial goals and providing valuable counsel and expertise to help us realize our vision for Precision,” said Paul Pesek, Senior Vice President at Insight. “Their combined knowledge of the aerospace, defense, and industrial sectors has been instrumental, and the support from this refinancing will enable the Company to pursue key growth initiatives. We look forward to their continued partnership as we embark on our next chapter.”

“We value our longstanding partnership with Brightwood and are excited to engage with them on another transaction,” said David Lorber, Chairman & Chief Executive Officer at PhenixFIN. “As a flexible capital provider, we are committed to supporting Precision during this pivotal growth inflection point, leveraging our industry experience to contribute to their continued success.”







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