July 8, 2022
Compass Precision Acquires Strom Manufacturing
Main Street Portfolio Company Completes Second Add-on Acquisition in 2022
PITTSBURGH, PA – July 8, 2022 – Main Street Capital Holdings, LLC, a Pittsburgh-based private equity firm, is pleased to announce the acquisition of Strom Manufacturing, Inc., by its portfolio company, Compass Precision, LLC. Strom Manufacturing is the seventh operating company and second add-on acquisition completed by Compass Precision this year.
Founded in 1974, Strom Manufacturing is a highly automated manufacturer of precision metal components based in North Plains, OR. Strom serves a select group of well-known high-tech customers and consumer products customers, primarily in the Pacific Northwest. The company’s differentiating capabilities include both horizonal and vertical 4-axis mills for precision machining. Bill Strom is the President of the company and will continue in his current role going forward.
“Strom Manufacturing is a terrific CNC machine shop with significant investment in automated milling equipment. This allows its machines to run unattended and lights-out,” explained Gary Holcomb, Compass President & CEO. “We are very attracted to these differentiating capabilities. Strom fits in perfectly with our strategy of building a decentralized group of high-quality precision machine shops that service high-growth end markets across the United States.”
Ryan Davis, Managing Partner of Main Street commented, “Strom is a strong fit with Compass in all critical categories. We were immediately drawn to its talented management team as well as the company’s extensive use of automation and quality systems. We’re thrilled to have Strom as an important part of our growing platform.”
Compass Precision will continue to look to acquire companies with complementary products, end-markets, geographies, or manufacturing capabilities. Of particular interest are companies with advanced production capabilities, strong management teams, recurring projects, and high growth end-markets.