CHICAGO–(COMMERCIAL LINE) – HC Private Investments (“HCPI”), a family office private equity firm based in Chicago, and Isleworth Capital Partners (“ICP”), today announced a strategic partnership with Prince Industries LLC (“Prince” or the “Company”), a leading company in precision machining and sheet metal manufacturing.
Proceeds from the investment will be used to accelerate Prince’s growth plans and expand its operational capabilities. As part of the transaction, seasoned industrial 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 board member 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 equipment, computer peripherals and electronics. The company employs approximately 260 people 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 stood out for a constant focus on quality, innovation and service in support of its many large customers. We are thrilled to partner with Mark Miller and his team to support Prince’s continued growth and market expansion. We have great respect for the company and the team that Mark and his family have built and intend to fully preserve 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 significant contributions and industry insights to support Prince’s continued success. ”
Mr. Miller, he added, “We are thrilled to welcome Mr. Feraco, Mr. Sullivan and HCPI as strategic and capital partners as we embark on the next stage of our evolution. Importantly, at HCPI we have found a truly aligned partner who quickly understood our business and supports our approach to tailoring our services to meet 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 advisor to HCPI. Wintrust Financial Corporation and Midwest Mezzanine Funds provided debt financing for the transaction. The Chicago Corporation acted as Prince’s financial adviser.
INFORMATION ON HC PRIVATE INVESTMENTS
HC Private Investments (“HCPI”) is a private equity investment firm focused on investing between $ 10 million and $ 40 million in lower-middle-range manufacturing assets within the consumer and industrial markets. HCPI invests on behalf of the family office of HC Technologies, LLC, a Chicago-based principal trading company led by Joe Niciforo with offices in New York, London and Singapore. The company will also bring family offices and select individuals to participate in its transactions by providing HCPI with a flexible and patient capital base. Aiming to be the first institutional investor in a company, HCPI seeks to partner with entrepreneurs, executives and management teams to identify opportunities to remove obstacles to growth by enabling companies to maximize their full value potential. For more information, visit www.hcprivateinvest.com.
ON THE MAIN INDUSTRIES
Prince Industries is a precision machining and sheet metal fabrication company focused on the industrial and medical end market. Prince provides its customers with a full suite 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/.