Clint and Brenda Grassel, founders of Precision Cutting Technologies Inc., in Liberty Lake, have sold their business to a Washington state-based private equity company that they say will continue operations under the Precision name and expand the business.

Brenda Grassel says Precision’s new owner, Precision Cutting Technologies Liberty Lake LLC, also has purchased similar manufacturing companies in Yakima, Washington, and in the Tri-Cities, Washington, area that will provide expanded services.

“They have more capabilities now because they have included these other companies. They’re including additional machining and laser kind of work in their portfolio,” she says. “So, they’re looking to grow in the state of Washington.”

Precision Cutting Technologies was incorporated in 1998. 

Clint Grassel declines to disclose the terms of the transaction or additional information about the purchaser.

He says all 32 employees have retained their positions with the new owner, and six additional employees have been hired since December.

Precision Cutting Technologies specializes in industrial metal manufacturing using water jets, laser cutting equipment, and computer numerical control machines for clients in the aerospace, agriculture, communications, transportation, and military industries. Current clients include Honeywell International Inc., Wagstaff Inc., and Kaiser Aluminum Corp.

Clint Grassel explains that selling the business wasn’t always the couple’s plan.

“We started the business when we were in our mid-30s, and we’re approaching 60 now. It takes a lot of day-to-day energy to run a company, and after doing it for almost 25 years, you start getting pretty worn out,” he says. “Our thought was just to build it up into something that’s a good retirement and pass it on to somebody else who can keep growing it.”

Brenda Grassel says the couple spent about five years looking for an exit from the company and received numerous offers.

The Grassels say that demand for Precision Cutting Technologies’ products and services has continued to grow since the pandemic, but last year’s annual revenue didn’t exceed the previous year.

Precision Cutting Technologies has grown from a 1,600-square-foot facility in the Montgomery Business Park, and now occupies an 80,000-square-foot multitenant warehouse at 1611 N. Molter Road, in Liberty Lake.

“We started with just one water jet and it’s neat to see how we were able to expand over the years,” Brenda Grassel says.

The Grassels also sold Precision Cutting Technologies’ building on Molter Road to a private real estate investor for $10.8 million in September.

“The company that bought our business is just focused on business. They don’t really purchase real estate,” Brenda Grassel says.

Clint Grassel’s last day at Precision Cutting Technologies was Jan. 31, and Brenda will leave the company Friday, March 3, she adds.

“My plan now is to take some time off to travel and to do more volunteer work at our church,” she says.

Clint Grassel adds giving back to the community will be a big part of their retirement plans.