PRL, Inc. (“PRL”) announced it has been recapitalized by Compass Partners Capital LLC (“Compass”). PRL, a family-owned business since 1972, is a leading provider of high-tech alloy castings to the U.S. Navy and nuclear power industries. Compass is a private investment firm that focuses on acquiring companies supplying mission critical components to the U.S. submarine industrial base. This transaction is the successful culmination of an initiative led by Bigelow LLC.
Headquartered in Cornwall, Pennsylvania, PRL (www.prlinc.com) is comprised of PRL Industries, Inc., Regal Cast, Inc., and LTC, Inc.. PRL Industries provides customers with in-house non-destructive examination and upgrading services on ferrous and nonferrous castings. Regal Cast is a foundry that pours a wide variety of ferrous and nonferrous alloy castings weighing from 10 to 12,000 pounds. LTC’s services range from conventional to close tolerance machining on small to large components. Collectively, PRL’s team prides themselves in their decades of supplying high quality product and work to the U.S. Navy and nuclear power industries.
“The recapitalization by Compass will not only provide additional resources to our talented workforce, but increases PRL’s visibility with the nuclear Navy, and will be instrumental in growing PRL to the next level. PRL is ecstatic to welcome Admiral John Morgan as the new CEO of PRL, as his leadership skills and values are second to none.” Janis Herschkowitz, President, CEO, and Co-owner PRL, Inc.
"PRL, Inc.’s employees have always been proud of the significant role we’ve played in our nation’s defense. To continue to do that through our partners at Compass gives us opportunity to expand and grow our role in providing the best Navy in the world with more diverse components,” said Patricia Herschkowitz, PRL, Inc. Co-owner and Director of Public Relations, Government Affairs & Advertising. “I think our father would be proud of the direction of where we are headed."
PRL will become a key component of Compass’ submarine platform which includes Micro Precision LLC (“MPI”). Headquartered in South Windham, Connecticut, MPI is a tier-one, Level 1 / SUBSAFE supplier of critical components for the U.S. Navy’s Virginia and Columbia class submarines.
Compass, headquartered in Stamford, Connecticut (compasspartners.com) invests in high-priority aerospace, defense, and industrial platforms to create value for investors through active management. As patriotic investors, Compass partners with owners, investors, and management teams to drive growth, enhance profitability, and strengthen U.S. national security.
“We have no greater priority than our Nation, our customers, and our employees. This combination demonstrates our steadfast commitment to all three with a concerted focus on the U.S. submarine programs. We are building a trusted one-stop shop for critical components, with an unwavering dedication to quality and on-time delivery. These companies can and will grow as we serve the top priority programs in the Pentagon.” Admiral John Morgan (USN, ret.), President & CEO of MPI, who will serve as the Chief Executive Officer of the combined platform
Originally established in 1935, Bigelow LLC is widely known as the M+A Advisory Boutique that deals exclusively with private Entrepreneur Owner-Managers. Bigelow has a reputation for having a unique understanding of the special requirements of the owner-managed, entrepreneurial operating company in building, and ultimately capturing Enterprise Value.