February 17, 2022
CORE Industrial Partners (“CORE”), a Chicago-based private equity firm, announced today the acquisition of Haven Manufacturing (“Haven” or the “Company”), a full-service contract manufacturer of highly engineered components, by CORE portfolio company Cadrex (previously CGI Manufacturing Holdings). Haven is the fourth add-on acquisition to the Cadrex (CGI) platform launched by CORE in August 2021.
Specializing in components for medical devices, medical equipment and related applications, Haven provides a full suite of manufacturing services, including design assistance, prototyping, EDM, waterjet, laser etching, blasting, grinding and passivation, as well as broad CNC machining capabilities to supply precision parts in lengths from less than one inch up to 85 inches. The Company’s metrology division augments its medical products manufacturing focus, providing contract measurement services for the medical, aerospace & defense, industrial and consumer end markets.
Founded in 1966, Haven operates two facilities with more than 60,000 total square feet in Grand Haven, Michigan, and Ossian, Indiana. The Company holds ISO 13485, ISO 9001 and ISO 17025 certifications and is both FDA-registered and ITAR-compliant.
TJ Chung, Senior Partner of CORE and Chairman of Cadrex (CGI), said, “Haven is strategically located to serve leading medical device and equipment manufacturers in Northeast Indiana and Southwest Michigan. The Company’s deep experience in the medical end market fits extremely well with Cadrex's (CGI) focus on serving attractive, growing industries requiring tight tolerances for mission-critical applications.”
Len Feddema, President of Haven Manufacturing, said, “My partners and I believe in the fundamental element of teamwork, with pride and respect for our employees and customers. We believe the quality of the entire team and its involvement in problem-solving has been, and continues to be, the crucial component to our success. In collaboration with Cadrex (CGI) and CORE, we’re excited to expand beyond Haven to even better serve our valued customers.”
Winston & Strawn LLP provided legal representation to Cadrex (CGI) and CORE in the transaction.
About CORE Industrial Partners
CORE Industrial Partners is a private equity firm with $700 million of capital commitments investing in North American lower middle-market manufacturing, industrial technology, and industrial services businesses. CORE’s team is comprised of highly experienced former CEOs and investment professionals with shared beliefs, deep experience, and a proven track record of building market-leading businesses. Through our capital, insight, and operational expertise, CORE partners with management teams and strives to build best-in-class companies. For more information, visit www.coreipfund.com.
About Cadrex (Previously CGI Manufacturing Holdings)
Cadrex (previously CGI Manufacturing Holdings) is a leading provider of complex sheet metal and machined production parts, assemblies, and weldments for a variety of end markets, including electrical transmission and distribution, warehouse automation, technology, aerospace & defense, medical, food, and industrials. With locations in Illinois, Wisconsin, Minnesota, Michigan, Indiana, Massachusetts and Oklahoma, Cadrex (CGI) offers numerous in-house manufacturing capabilities, including laser cutting, sheet metal fabrication, complex assembly, CNC punching, CNC machining, forming, robotic welding, stamping, fastener insertion, and tool and die manufacturing, to effectively serve customers with lights-out manufacturing capabilities for mid- to high-volume production.
About Haven Manufacturing
Founded in 1966, Haven Manufacturing is a full-service contract manufacturer of highly engineered components specializing in CNC machined parts for medical devices, medical equipment and related applications. Haven operates two facilities with over 60,000 total square feet in Grand Haven, Michigan, and Ossian, Indiana, and holds ISO 13485, ISO 9001 and ISO 17025 certifications.