GenNx360 Capital Partners acquired the Maine Machine Products Company. The 54-year-old family owned company specializes in manufacturing precision-critical components and assemblies for the defense, oil and gas, and semiconductor industries.
Roland Sutton, the owner and founder of Maine Machine, sold 100% of the company, although the current management team, led by president and CEO David MacMahon, will remain in place.
Terms of the deal were not disclosed.
GenNx360 is currently investing out of its debut fund, which closed in 2008 with roughly $600 million of capital under management.
The Maine Machine acquisition seems to the profile of a GenNx360 portfolio company. the firm, with a number of partners sharing General Electric DNA, specializes in areas such as industrial machinery, global transportation component parts, specialty chemicals and business services, among other areas.
The firm was founded in 2006 by Arthur Harper, Lloyd Trotter and James Shepard. Harper previously headed GE’s Equipment Services business as president and CEO; Trotter served as vice chairman of the conglomerate also oversaw GE Industrial; and Shepard also occupied the president and CEO role for GE’s Infrastructure Sensing business.
The firm, according to its website, currently has six companies in its portfolio.
GenNx360 has been adding talent recently. Its latest addition, former Windjammer Capital vice president Chris Allen, was named a vice president earlier this month to assist in deal sourcing.
In June, the firm pulled in Neil Schaefer, former vice president of middle market private equity firm, Friend Skoler & Co., to help with future acquisition opportunities, who brings additional experience in the healthcare and consumer product areas from his days as an investment banker at JPMorgan.
Prior to Maine Machine, GenNx last acquisition was completed in December when it acquired video security surveillance provider GVI Security Solutions for $10.2 million.