September 21, 2022
CORE Industrial Partners (“CORE”), a manufacturing, industrial technology, and industrial services-focused private equity firm, announced today the acquisition of IDL Precision Machining (“IDL” or the “Company”), an engineering-focused manufacturer of highly complex precision components and assemblies primarily for the aerospace & defense end market, by CORE portfolio company Cadrex Manufacturing Solutions (“Cadrex”).
Previously known as CGI Manufacturing Holdings, the recently relaunched Cadrex platform now includes nine business units with approximately 1.5 million square feet of manufacturing space and more than 2,000 employees across nine states as well as Mexico.
Founded in 1987, IDL offers CNC machining, including horizontal milling, vertical milling and turning, to serve customers from initial design and concept engineering through product development, prototyping and qualification to full-scale production. As a result, IDL is considered a key development partner for its customers, often securing single-source positions on prominent high-growth platforms and mission-critical applications in the aerospace & defense and industrial end markets. Within the aerospace & defense end market, IDL serves a variety of subsegments and applications, including C4ISR, electronic warfare, space, commercial avionics, aircraft controls, interiors and in-flight entertainment. Headquartered outside Seattle in Mukilteo, Washington, IDL operates an AS9100- and ISO 9001-certified and ITAR-registered facility with a fleet of over 50 machines.
Matthew Puglisi, Partner at CORE, said, “We believe IDL is a highly synergistic add-on to Cadrex. In addition to broadening the platform’s reach to include new, market-leading customers across numerous segments within the attractive aerospace & defense sector, the acquisition of IDL also provides incremental complex precision machining capabilities and a compelling new geographic location in the Pacific Northwest.”
Robert Peha, Co-President of Sales and Engineering, said, “From the beginning, we’ve worked tirelessly to augment our unique, employee-driven culture with investments in state-of-the-art equipment, engineering and automation to provide the utmost levels of performance, quality and customer service for our valued customers. As a result of this new partnership with CORE and Cadrex, we’re excited for the next chapter in the Company’s long history.”
Dean Handaly, Co-President of Finance and Production, said, “When Robert and I acquired IDL a decade ago, we knew we would one day need to find the right partner to not only serve as a steward for our talented employees, but also provide the resources to assist IDL with its next phase of growth. Given the exceptional fit with CORE and Cadrex, we’re confident we’ve found that partner.”
Winston & Strawn LLP provided legal representation to Cadrex and CORE in the transaction. Janes Capital Partners acted as exclusive financial advisor to IDL in connection with this 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 IDL Precision Machining
IDL is an engineering-focused manufacturer of highly complex precision components and assemblies primarily for the aerospace & defense end market. The Company offers CNC machining, including horizontal milling, vertical milling and turning, to serve customers from initial design and concept engineering through full-scale production. Headquartered in Mukilteo, Washington, IDL operates an AS9100- and ISO 9001-certified and ITAR-registered facility. For more information, visit www.idlprecision.com.