GS Precision sold to equity firm
BRATTLEBORO — G.S. Precision has been sold to a a private equity firm.
According to a press release, the purchaser, AE Industrial Partners, specializes in aerospace, defense and government services, power generation, and specialty industrial markets.
G.S. Precision was founded in 1958 by George Schneeberger, a machine tool sales engineer from Switzerland. More than 60 years later, G.S. Precision is a leading manufacturer of complex, high precision components and specialty hardware used in a variety of mission critical aerospace and defense applications.
Norm Schneeberger, CEO of the company and son of George, will remain in his current role and continue to be a significant shareholder of the company.
"Since my father founded G.S. Precision over 60 years ago, the company has built a reputation as a best-in-class operation with five facilities and more than 700 employees globally," stated Norm Schneeberger in the press release. "We found a partner in AEI that clearly understands our business and shares our vision for growing G.S. Precision to the next level and continuing the great legacy created by our family."
Terms of the transaction were not disclosed.
"We are very excited to partner with Norm and the talented G.S. Precision team," stated Charlie Compton, partner at AEI, in the press release. "G.S. Precision has developed a leadership position in small diameter aerospace engine components and defense systems hardware with an unmatched reputation for quality and customer service. We look forward to leveraging our industry experience and financial resources to build upon this successful foundation and continue to make G.S. Precision increasingly more important to the customers it serves."
Kirkland & Ellis LLP served as legal advisor and PricewaterhouseCoopers LLP served as financial advisor to AEI. Downs Rachlin Martin PLLC served as legal advisor and Gallagher, Flynn & Company served as financial advisor to G.S. Precision.
John Hanley, G.S. Precision's CFO said neither him nor Schneeburger had a comment on the acquisition.
G.S. Precision has five locations across the United States and Mexico. For more information, visit www.gsprecision.com.
A spokesperson, when asked whether there will be any operational changes at GS Precision's factories, said "It will be business as usual."
To learn more about AE Industrial, visit www.aeroequity.com.
Bob Audette can be contacted at 802-254-2311, ext. 151, or email@example.com.
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