Precision Metal Holdings Expands Footprint to Southeastern United States with Acquisition of General Metals, LLC
HARTFORD, WI - Precision Metal Holdings, LLC (“Precision Metals”), a portfolio company of Farragut Capital Partners, Inc. (“Farragut”), is pleased to announce the acquisition of General Metals, LLC (“General Metals” or the “Company”). The acquisition represents the second for the Precision Metals platform which was established in June of 2021 with the acquisition of Wisconsin-based Accurate Fabrication, LLC (“Accurate”) by Farragut, in partnership with ZJM Equity (“ZJM”), Broadgate Capital LLC (“Broadgate”), and operating executive Eric Welak. Mr. Welak serves as President of Precision Metals.
Farragut supported the General Metals transaction with a combination of additional senior subordinated debt and preferred equity and was joined by co-investor Everside Capital Partners (“Everside”). CFG Bank provided senior financing for the acquisition.
North Carolina-based General Metals is a precision metal fabricator specializing in components, parts and products sold to original equipment manufacturers (“OEM”) serving a variety of commercial and industrial end markets. The Company has expertise in high tolerance applications and its capabilities include stamping, forming, welding and precision machining. In addition to its fabrication services, General Metals also offers a complete range of value-added mechanical and electromechanical assembly services. The Company was founded in 1994 and operates from a 100,000+ square foot facility in Pine Level, North Carolina. The acquisition of General Metals not only adds to the attractive group of end markets served by Precision Metals, but it also expands Precision Metals’ geographic footprint, enabling both Accurate and General Metals to better serve their existing national and regional OEM customer bases. General Metals is led by Leslie Liles, who will continue in his role post-transaction.
Javier Aguirre of Farragut said of the transaction, “We’re excited to partner with Leslie and the team at General Metals. This acquisition is highly complementary to Accurate, and we are thrilled to support the combined business in the next phase of growth. By extending the company’s geographic footprint and gaining access to new end markets, we are well-positioned to capitalize on significant growth opportunities moving forward. In particular we would like to thank our financing partners, Everside and CFG Bank, for enabling us to move quickly on the opportunity.”
Eric Welak added, “We’re extremely excited to bring these two great companies together under the Precision Metals platform and enhance our footprint. Working with Leslie and the team at General Metals will allow us to leverage the synergies of the combined companies and to partner the teams for best practices in the industry.”
The investment was made from Farragut’s second SBIC fund, Farragut SBIC Fund II, L.P.