February 2, 2022
CORE Industrial Partners (“CORE”), a Chicago-based private equity firm, announced today the acquisition of Richlind Metal Fabricators (“Richlind” or the “Company”), a provider of precision sheet metal fabrication and machining services, by CORE portfolio company Cadrex (previously CGI Manufacturing Holdings). Richlind represents the third add-on acquisition to the Cadrex (CGI) platform CORE launched in August 2021.
Founded in 1963, Richlind specializes in complex, tight tolerance parts and assemblies primarily for the aviation, defense and space end markets. The Company’s breadth of in-house capabilities, including sheet metal fabrication, machining, welding, assembly, engineering, forming, punching, laser and waterjet cutting and silk-screening, allows Richlind to serve as a one-stop shop from prototyping through production. Holding ISO9001:2015 and AS9100D certifications and an ITAR registration, the Company utilizes a leading quality management system that addresses all stages of manufacturing, beginning with a computerized work order system and incorporating a network of qualified suppliers, production departments, quality inspection, packaging and shipping, and facilitates the efficient handling of hundreds of jobs simultaneously. Richlind is headquartered in Chaska, Minnesota, operating from a 50,000 square foot facility.
Matthew Puglisi, Partner of CORE, said, “Our acquisition of Richlind serves as the latest example of CORE’s deep experience partnering with multi-generation family-owned businesses. We believe the Company’s highly technical manufacturing capabilities and advanced technologies are an ideal fit, and we look forward to continuing to grow the Cadrex (CGI) platform through similar complementary acquisitions.”
Mike Lind, President of Richlind, said, “From the Company’s founding nearly 60 years ago to our current position as a best-in-class aerospace & defense precision manufacturing services provider, we’ve built our business through exemplary customer service and investment in leading technology. On behalf of myself, my brothers, Dan, Dave and Chris, and all Richlind employees, we’re looking forward to augmenting these core success factors with additional resources and support in partnership with Cadrex (CGI) and CORE.”
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 Richlind Metal Fabricators
Founded in 1963, Richlind Metal Fabricators (“Richlind”) is a provider of precision sheet metal fabrication and machining services specializing in complex, tight tolerance parts and assemblies primarily for the aviation, defense and space end markets. Richlind operates a 50,000 square foot facility outside Minneapolis in Chaska, Minnesota.