NN Inc. (Nasdaq: NNBR) is buying Precision Engineered Products Holdings Inc. from the Jordan Co. and Nautic Partners for $615 million.
Attleboro, Massachusetts-based Precision manufactures customized metal and molded plastic parts for the medical, electrical control and distribution, transportation and aerospace markets. The company's products include cartridges, laparoscopic devices, surgical instruments, medical disposables, dental and medical implants and other components.
NN, based in Johnson City, Tennessee, also manufactures metal and plastic parts.
Jordan and Nautic, through the Resolute Fund II LP and Nautic Partners VI LP, respectively, acquired the business in December 2010. Under their ownership, Precision made a handful of add-on acquisitions. In September, the business acquired the Holmed, HowesTemco, Premco and Profiles units of Advanced Precision Products. Before that, in March 2014, Precision bought Connecticut Plastics.
New York-based Jordan has more than $8 billion in capital under management. The firm’s recent deals include the acquisition of DiversiTech Corp., which makes HVAC products, in May, and purchase of Capstone Logistics LLC in September.
Nautic, headquartered in Providence, Rhode Island, has managed more than $3 billion in assets since it was founded in 1986. The firm generally invests between $25 million and $75 million per transaction.
Piper Jaffray & Co. (Nasdaq: PJC) and Lincoln International advised Precision on the deal. Locke Lord LLP and Mayer Brown LLP provided legal advice. KeyBanc Capital Markets Inc. advised NN on the deal.