Core Industrial Partners LLC, a Chicago-based private equity firm, has acquired CGI Automated Manufacturing, a precision sheet metal fabrication service provider. CGI is Core’s second investment from Core Industrial Partners Fund II, a $465 million fund closed in February.
John May, managing partner of CORE, said, “Our investment in CGI aligns well with our continued focus on partnering with founder- and family-owned businesses that embrace powerful Industry 4.0 trends. CGI’s historical focus on technology and automation combined with quick turnaround times, outstanding customer service and precision manufacturing capabilities make the business an ideal new platform investment.”
Janice Nieman, president of CGI, said, “On behalf of Gary Gurzynski, all CGI employees, and myself, we’re excited to officially begin this next phase of the Company’s long history in partnership with CORE. After four decades and two generations of family ownership, we’re confident CORE’s expertise and support will augment CGI’s leading reputation for dedicated customer service and reliable delivery of complex, tight-tolerance sheet metal parts and assemblies.”
Matthew Puglisi, partner of CORE said, “We’re looking forward to working with the talented CGI management team to build upon the Company’s strong foundation with investments to accelerate organic growth through continued automation and digitization. We’ll also work to broaden the Company’s geographic reach, manufacturing capabilities and end market mix through complementary acquisitions.”
Core senior partner TJ Chung will become chairman of the CGI board of directors.
Winston & Strawn LLP provided legal representation to Core in the transaction. InterOcean Advisors acted as exclusive financial advisor to CGI in connection with this transaction.