L Squared Capital Partners completes continuation fund to support next phase of BTX Precision’s growth

L Squared Capital Partners is pleased to announce the successful closing of a single-asset continuation fund for BTX Precision, a leading high-precision manufacturer of mission-critical components and assemblies. The platform’s unmatched breadth of additive and subtractive manufacturing capabilities – including milling, turning, laser micro-machining, advanced 3D metal printing, aluminum vacuum brazing, electrical discharge machining, precision cleaning, and a full suite of value-added assembly services – positions BTX as the go-to partner for the most demanding customers in aerospace & defense, space, medical, automation & robotics, and semiconductor markets.

The continuation fund was led by HarbourVest Partners, with participation from a syndicate of global investors and a new commitment from L Squared Fund IV. The transaction extends L Squared’s partnership with BTX, which began with a platform acquisition in 2023 and has since evolved through ten subsequent acquisitions into the nation’s most trusted provider of advanced build-to-print components, serving more than 350 customers across a nationwide footprint of manufacturing centers.

“This transaction reflects our strong conviction in BTX’s long-term growth trajectory and the value creation achieved to date,” said Randall Hunt, Managing Partner of L Squared. “The continuation vehicle allows us to deliver liquidity to L Squared Fund III investors while extending our partnership with BTX’s exceptional management team to continue our acquisition-led thesis.”

Rick McIntyre, CEO of BTX Precision, said, “We've accomplished a lot very quickly at BTX, and expect to be just as explosive in the next chapter of this story. We are grateful for L Squared’s continued partnership and excited to welcome HarbourVest and several new investors as we accelerate our acquisition strategy and continue to invest in people, process, infrastructure, and customer relationships that make BTX Precision truly special.”

“We are pleased to partner with L Squared and the BTX management team to support BTX’s continued growth and value creation,” said Kyle Dowd, Managing Director at HarbourVest Partners. “BTX exemplifies the high-quality, industry-leading middle-market companies we seek to access through our GP-led secondary strategy and are excited to deepen our relationship with L Squared as the anchor investor in the transaction.”

Evercore served as exclusive financial advisor to L Squared. Gibson, Dunn & Crutcher served as legal counsel to L Squared and Ropes & Gray provided legal counsel to HarbourVest Partners.