December 10, 2021
CORE Industrial Partners (“CORE”), a Chicago-based private equity firm, announced today the acquisitions of Precision Metal Fab and Precision Tool & Die (collectively, “PMF” or the “Company”), a provider of metal cutting and forming solutions, by CORE portfolio company Cadrex (previously CGI Manufacturing Holdings). The transactions follow CORE’s acquisition of CGI in August and Advanced Laser Machining (“AL”) in October.
Founded in 1978, PMF specializes in CNC laser cutting, stamping, metal die formation, welding, and assembly for various end-market applications, including warehouse automation, food equipment, HVAC and utilities. PMF’s fleet of 10- and 15-kilowatt fiber-optic lasers equipped with autoloading technology can cut up to 1.2-inch-thick mild steel, stainless, aluminum, brass and copper while holding tolerances up to .003 inches. Combined with presses ranging from 60 to 300 tons for both short-run and long-run progressive stamping and a variety of ancillary services, including press brake forming, PEM insertion, assembly and packaging, PMF’s full array of fabrication capabilities support initial engineering and design assistance through prototyping and high-volume production. Headquartered between Oklahoma City, Tulsa and Wichita in Ponca City, Oklahoma, PMF serves a nationwide customer base from its centrally located 60,000 square foot facility.
Matthew Puglisi, Partner of CORE, said, “From state-of-the-art equipment to lights-out automation, we believe PMF is at the forefront of metal manufacturing technology and fits exceptionally well with the Cadrex (CGI) platform. We look forward to leveraging the broader capabilities of Cadrex (CGI), PMF and AL to drive organic growth while continuing to pursue strategic acquisition opportunities.”
Greg Neisen, President of PMF, said, “On behalf of my brother, Mike, my sister, Debbie, and the full PMF team, we’re looking forward to joining the Cadrex (CGI) platform and combining the respective strengths of the companies to continue exceeding expectations for 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 Precision Metal Fab and Precision Tool & Die
Founded in 1978, Precision Metal Fab and Precision Tool & Die (collectively, “PMF”) is a provider of metal cutting and forming solutions, including CNC laser cutting, stamping, metal die formation, welding, and assembly, for end markets including warehouse automation, food equipment, HVAC and utilities. PMF operates a 60,000 square foot facility in Ponca City, Oklahoma.