Ironwood Capital makes subordinated debt and equity investment in Micro Precision

Ironwood Capital has made a subordinated debt and equity investment in Micro Precision LLC (MPI) to support the acquisition of PRL Inc (PRL).  

Headquartered in South Windham, Connecticut, MPI is a tier-one, Level 1/SUBSAFE supplier of critical components and assemblies for the United States Navy’s Virginia and Columbia class submarines, as well as a prime contractor to other governmental agencies and first tier military contractors. MPI is a portfolio company of Compass Partners Capital, a Stamford, Connecticut- based investment firm.

PRL is a leading supplier of high-tech alloy castings, close tolerance machined components, and nondestructive testing and upgrading services. PRL will be combined with MPI to create a best-in-class enterprise serving the United States Navy, nuclear power, and railroad industries. Vice Admiral John Morgan (USN, ret), a former Deputy Chief of Naval Operations, will serve as chief executive officer of the combined platform.  

“Ironwood is excited to partner with Compass and Admiral Morgan to bring together MPI and PRL. The vertically integrated business is extremely well-positioned to participate in the expected two-decade-long upgrading of the United States Navy’s submarine fleet, a top priority for the Pentagon and critical sector for the Connecticut economy,” says Jim Barra, managing director, Ironwood Capital.