Fragmented. Sole-Source.
Underearning. Fixable.

Vantage Precision Components — $38M EBITDA, AS9100 certified, 14 sole-source contracts with Lockheed Martin and Raytheon Technologies.

MARKET STRUCTURE

340+

independent precision machining shops under $100M revenue in North America, fewer than 12 with dual AS9100 / NADCAP certification.

"Certification scarcity is the moat. Consolidation is the play."

5-AXIS CNC CELL

Asset Profile

Revenue
$214M
EBITDA
$38M 17.8%
Employees
610
Facilities
3
Backlog
$187M

The Underperformance Gap

Value-Creation Roadmap

Phase 1 0-100 Days

Procurement renegotiation, AR cycle reduction → +$4M EBITDA

Phase 2 Year 1-2

Bolt-on A (Meridian Tooling, $9M EBITDA) + Bolt-on B (Cascade Aeroparts, $7M EBITDA)

Phase 3 Year 3-5

ERP consolidation, pricing normalization → +$8M EBITDA margin expansion

EBITDA Bridge to Exit

BASE CASE RETURNS

3.4x

MOIC

|
28%

IRR

UPSIDE CASE

4.1x / 34% IRR

DOWNSIDE CASE

2.1x / 16% IRR

Comparable Platform Exits

Platform Entry EV/EBITDA Exit EV/EBITDA Hold (Yrs) MOIC
TransDigm Bolt-on Series 7.1x 13.2x 4.2 3.8x
Precision Castparts Div. 6.8x 11.9x 5.1 3.4x
Heico Component Repair 7.5x 12.6x 3.8 3.2x
Ducommun AeroStructures 6.3x 10.8x 4.5 2.9x
DRS Precision Systems 7.9x 14.1x 3.3 4.2x

Source: PitchBook, CapIQ, company filings. All transactions 2018-2024.

Ironclad Capital Track Record

Titan Industrial Automation

Industrial Robotics

Entry
6.9x
Exit
12.4x
Realized MOIC
3.6x
Cascade Valve Group

Fluid Control Systems

Entry
7.2x
Exit
11.8x
Realized MOIC
3.1x
Horizon Metal Fabrication

Structural Steel

Entry
6.5x
Exit
10.2x
Realized MOIC
2.8x
Apex Precision Tooling

CNC Machining

Entry
7.0x
Exit
13.5x
Realized MOIC
4.1x
$185M equity.
7.2x entry.
60-day close.

Lead or co-lead.
Term sheet ready.
Data room open.

CONTACT

investments@ironcladcapital.com