CGI Automated Manufacturing, a portfolio firm of CORE Industrial Partners, has reportedly acquired precision sheet metal component supplier Elite Manufacturing Technologies. Elite is the sixth acquisition of the CGI platform launched by CORE in August last year.
Elite consolidates value-adding design engineering services with extensive in-house primary fabrication abilities, including punching, laser cutting, blanking, shearing, welding, and forming. It also includes finishing operations like silk screening and powder coating.
The company serves as a one-stop destination for customers seeking quick, high-quality lead times. Elite’s advanced automation and equipment enable the company to focus on the effective production of complicated assemblies and components while holding tight tolerances.
CORE Partner Matthew Puglisi stated that the Elite acquisition aligns with key principles of its investment theory focusing on offering automation and differentiated precision manufacturing solutions to market-leading consumers in rapidly growing end markets.
CGI Chief Executive Officer Carey Chen commented that the consolidated metal fabrication abilities and investments of Elite in advanced material handling automation for daily production comply with CGI and proliferate the customer value proposition and capacity of the platform.
Elite President Jim Conlon cited that the company has developed a strong track record for high-quality innovation, and product design over the last three decades.
Winston & Strawn LLP offered legal service to CORE and CGI in the transaction. On the other hand, InterOcean Advisors served as Elite’s exclusive financial advisor for this transaction.
For the record, CORE Industrial Partners has capital commitments of USD 700 million investing in industrial technology, lower middle-market manufacturing, and industrial services businesses.
The company’s team comprises experienced former investment professionals and CEOs with deep experience, shared beliefs, and a strong track record of developing industry-leading businesses.
Through its insight, capital, and operational expertise, CORE collaborates with management teams and works to develop top-class companies.
For the unversed, Elite specializes in producing consoles, electro-mechanical assemblies, and cabinets for the electronic gaming industry.