Strategically located in Florida’s “Space Coast,” only 10 miles from Cape Canaveral, PSI operates an AS9100-certified facility providing complex material and tight tolerance precision machining to its leading aerospace and defense customers. The combined business has over 300 employees across four manufacturing facilities globally.
“The acquisition of Precision Shapes significantly enhances Prince’s capabilities and penetration in the growing aerospace and defense market,” said Mark Miller, Chief Executive Officer of Prince. “Like Prince, PSI was family-owned and managed by two sisters, Susan Palma and Cheryl Cleveland, who worked at the Company for over 40 years. We are delighted to partner with Susan, Cheryl, and PSI’s talented management team to offer increased capabilities and a national manufacturing footprint to our combined customer base.”
HCPI originally acquired Prince in partnership with Mark Miller and his family in May 2022. HCPI will continue expanding the Prince platform through a combination of organic growth initiatives and strategic complementary add-on acquisitions in aerospace and defense and medical end-markets.
Precision Shapes’ President and CEO, Susan Palma, added, “We are excited to partner with Prince Industries and HCPI as we look to support the next phase of PSI’s growth. We quickly recognized they provide us not only with increased capabilities and scale, but also share our values and unwavering commitment to customers that will benefit the people we serve.”
Winston & Strawn LLP served as legal counsel to Prince Industries and HCPI. TREP Advisors served as financial advisor to PSI. Wintrust Financial Corporation provided debt financing for the transaction.
ABOUT PRINCE INDUSTRIES
Prince Industries is a precision machining and sheet metal fabrication company focused on the industrial and medical end-markets. 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. Prince also has a global division, QP Hydraulics, that leverages these manufacturing capabilities to provide joysticks and check valves into the hydraulics and construction equipment markets.
For more information, please visit https://www.princeind.com/ and www.qphydraulics.com.
