Milestone Partners has announced that AK Steel Holding Corporation (NYSE:AKS) has acquired Precision Partners Holding Company in a deal reportedly valued at $360 million.
Milestone Partners made the announcement on Thursday, revealing that Precision Partners Holding Company was sold to AK Steel on August 4 this year. Precision Partners which was founded in 1955 has its headquarters in Ontario, Canada. It is one of the leading firms that offer hot & cold stamped solutions serving global OEMs as well as highly engineered automotive tooling. It has a strategic position as vital supply chain partner in the automotive market and is well known for its customer services, product quality, and innovation.
Milestone assumed ownership of Precision Partners in December 2013 and there has been numerous growth initiatives and significant investments since then. This includes expansions in Ontario and the company also reported significant revenue growth. David Proctor from Milestone Partners stated that it was an honor for the company to work together with Precision Partners over the past few years.
“We are confident that Precision Partners is well-positioned to thrive under its new ownership,” stated Proctor.
Precision Partners CEO Des Griffiths also acknowledged Milestone Partners for seeing the value in the differentiated operating model of his company as well as their market approach. Griffiths also pointed out that Milestone Partners also shared in Precision’s vision for capacity expansion. It even played a critical role in the refinement of Precision’s strategic direction according to the statement by Griffiths. This was important towards the alignment of interests as well as giving more confidence to the management team.
John Shoemaker, the managing partner at Milestone also pointed out that the investment in Precision is a demonstration of Milestone’s investing approach. He noted that is firm teamed up with the management team to identify investment opportunities. Shoemaker also expressed gratitude to the advisors and operating partners that participated in joined efforts during the time Milestone was in Ownership of Precision Partners.
AK Steel Holding stock closed the latest trading session on Thursday at $5.33 after tanking by 0.74 percent compared to the value of the stock during the previous close.