Levine Leichtman Capital Partners (“LLCP”), a Los Angeles-based private equity firm, announced today that it has acquired In-Place Machining Company, LLC (“IPM” or the “Company”) in partnership with management.

IPM is a leading provider of high-acuity field machining, metrology and diamond wire-cutting services for mission-critical infrastructure and equipment. The Company’s services are an essential part of the maintenance, repair and service cycle for clients across a variety of end-markets including industrial and manufacturing, naval and marine, hydroelectric, metals, and aerospace. IPM was founded in 1976 and is headquartered in Milwaukee, Wisconsin.

The Company will continue to be led by CEO Dean Flint and the existing executive team. 

Matthew Rich, Senior Managing Director of LLCP, said, “We are excited to partner with Dean and the management team that has led IPM’s impressive growth over the past several years. The Company has demonstrated unparalleled expertise in the on-site machining industry, expanding its reach into new geographies and end markets, while broadening its service offerings. We look forward to capitalizing on IPM’s attractive growth opportunities, including organic initiatives and potential acquisitions.”

Mr. Flint, CEO of IPM, commented, “My team and I are thrilled to partner with LLCP to enhance IPM’s market-leading position. LLCP’s deep experience in both business services and highly engineered products  makes them a unique partner as we work to continue to support our customers globally with mission-critical services.” 

IPM will be the first investment from LLCP Lower Middle Market Fund III, L.P., which was significantly oversubscribed and recently closed with $1.38 billion of capital commitments.

IPM is the latest of several investments by LLCP in the business services, engineered products and testing and inspection industries, including FlexXray, Trinity Consultants, Milton Industries, Jonathan Engineered Solutions, Syntron Material Handling and Encore Fire Protection.

LLCP was advised by Kirkland & Ellis LLP. Houlihan Lokey Capital, Inc. served as financial advisor to IPM.