Pennfield Precision, Inc.
Founded in 1965, Pennfield Precision, Inc. (‘Pennfield’ or the ‘Company’) is a full-service contract manufacturer, providing high-precision machining, welding and electro-mechanical assembly solutions to original equipment manufacturers (OEMs) operating primarily in the aerospace, defense, industrial and medical markets. The Company’s subsidiary, FIT Group, Inc. (‘FIT’), engineers, manufactures and markets a complete line of flexographic ink management products for the commercial packaging market.
Over the last two years, Pennfield’s revenue declined due to the weakness of the broader U.S. economy. Despite cost reductions, liquidity continued to be tight as a result of an overleveraged balance sheet.
SSG was retained to explore Pennfield’s strategic alternatives in order to maximize value to the equity holder. In March 2004, Pennfield and FIT were sold to a financial buyer, who committed to expand the businesses in the years to come.