Precision Aerospace Holdings, a Dallas-based manufacturer of precision machined aerospace and defense components, has acquired Lewisville-based Owens Machine and Tool Co., a move that marks Precision’s second acquisition in Texas in less than 10 months.
Precision was formed via the partnership of two Dallas-based private investment firms, CIC Partners and Juniper Capital Management.
“We’re thrilled to add Owens to Precision’s growing platform,” Precision CEO Pete Stegmaier said in a statement. “The Owens team has deep experience that expands our broad capabilities to provide world-class service to aerospace and defense industries. We expect to continue their exciting growth trajectory.”
Terms of the deal were not disclosed.
Owens produces complex, multifaceted parts, tooling, and prototypes utilizing multi-axis machine tools and best-in-class cutting tools, Precision said. Owens was established in 1986 to develop and sell complex machine components, primarily to the aerospace and defense industries and is located in Lewisville. Owens specializes in CNC machining of titanium and nickel alloys.
Targeting investment opportunities in North Texas
In June, Precision acquired Decatur Machine Services in the Wise County city of Decatur.
Precision said the acquisitions build on the success of the previous two acquisitions of Applegate EDM LLC and Icon Machine Co. in 2022. Precision now owns four companies in the Dallas-Fort Worth area with a total of 110 employees.
All businesses are AS9100 and ITAR certified.
“We’ve built an impressive platform in North Texas centered on operational excellence and a commitment to best-in-class customer performance marks,” Bayard Friedman, Precision board chairman and managing director with CIC Partners, said in a statement. “These fundamental attributes will allow us to continue to scale the Precision platform and be a key supplier to a growing list of major defense programs.”
Precision said it will continue to aggressively target investment opportunities in North Texas and surrounding states.
“We’re extremely proud of the operating companies we have assembled under the Precision platform,” Bryan Grabowsky, co-founder and managing partner at Juniper, said in a statement. “The enhanced capabilities and product offerings as well as the strong operational leadership we have added with Owens will be instrumental as we continue to build on opportunities to be a value-added supplier to leading defense and aerospace companies.”
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