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Machine Specialties, Inc. Acquires Cambridge Specialty Company, Inc.

October 5, 2023

October 5, 2023: Calvert Street Capital Partners (“Calvert Street”) is pleased to announce that portfolio company Machine Specialties, Inc. (“MSI”), a precision manufacturer of parts for the aerospace, defense and space end markets, has completed the acquisition of Cambridge Specialty Company, Inc. (“CSC” or the “Company”).

Founded in 1952 and owned by Peter Campanelli since 1985, CSC is a precision manufacturer of flight critical parts for the same core end markets as MSI. The Company is based in Berlin, Connecticut and maintains longstanding relationships with blue-chip aerospace, defense, and space OEMs.

“We are excited to partner with CSC to continue its outstanding history of providing the highest quality parts to its customers and to support several exciting growth initiatives,” said MSI Chief Executive Officer, David Storey. “The addition of CSC provides customer, platform, and service diversification, along with additional capacity that will enable us to work through our record backlog.”

“The team at CSC is excited to partner with David and the MSI leadership team. The combination with MSI will enable CSC to deliver additional capabilities and more value to our long-term customers, and leverage synergies between our two operations,” said CSC President, Peter Campanelli.



Machine Specialties, Inc. is a manufacturer of high precision, complex components for customers in the aerospace, defense, and space industries. Founded in 1969, MSI is based near Greensboro, NC and focuses on flight critical components going into a variety of military and commercial rotorcraft and fixed wing platforms, as well as space applications.


Calvert Street is a lower middle market investment firm based in Baltimore, Maryland. Calvert Street consists of experienced professionals pursuing two distinct investment strategies: (i) control equity investments (through Calvert Street) and (ii) mezzanine investments (through Parkway Capital). The control equity team utilizes a research driven approach to identify attractive businesses in industrial and infrastructural services, and specialty manufacturing companies. Since its inception in 1995, Calvert Street has partnered with talented operators to drive profitable growth and organizational transformation. Calvert Street’s equity control team has invested more than $600 million of capital (including co-investment amounts) across 65+ companies. More information can be found on its website (


Calvert Street Capital Partners is a multi-fund management company formed in 1995 to pursue investment strategies focused on the lower middle market. In addition to Parkway, the firm’s mezzanine investment strategy, Calvert Street makes control equity investments and utilizes a research driven approach to identify attractive businesses providing critical services to the industrial and commercial sectors. Collectively, Calvert Street’s and Parkway Capital’s investment professionals have invested in over 120 companies representing cumulative transaction values in excess of $1.5 billion.