CORE Industrial Partners, a portfolio company of CGI Manufacturing Holdings, acquires Tenere

CHICAGO–(BUSINESS WIRE)–CORE Industrial Partners (“CORE”), a private equity firm focused on manufacturing, industrial technology and industrial services, today announced the acquisition of Tenere Inc (“Tenere” or the “Company “), a leading manufacturer of mechanical solutions to the information and communications technology, fiber and renewable energy end markets, by CORE holding company CGI Manufacturing Holdings (“CGI”).

Tenere is the seventh complementary acquisition to the CGI platform launched by CORE in August 2021. The combined CGI platform now covers approximately 1.4 million square feet with more than 2,000 employees across 14 facilities in eight states as well as in Mexico. CGI holds ISO 9001, ISO 13485, ISO 17025 and AS9100D certifications, in addition to ITAR and FDA registrations.

Founded in 1993, Tenere is a trusted manufacturing partner for industry-leading companies building the critical technology infrastructure of 21st century. The company provides solutions to complex product lines for data centers, fiber and 5G facilities, and renewable energy infrastructure by leveraging decades of technical expertise and the latest advancements in power automation. manufacturing and robotics for sheet metal fabrication and injection molding.

Tenere’s full range of manufacturing capabilities and services, including prototyping, design for manufacturing, tooling, sheet metal fabrication and stamping, injection molding, assembly, integration and testing, allows the company to provide a complete solution and accelerate the introduction of new products for its customers. . Based in Dresser, Wisconsin, Tenere operates four facilities totaling nearly 600,000 square feet, including two facilities in Wisconsin, a dedicated injection molding facility in Westminster, Colorado, and a new state-of-the-art facility in Monterrey, Mexico. Ténéré is ISO 9001 certified.

Matthew Puglisi, Partner at CORE, said, “The unique combination of dynamic early-stage collaboration capabilities and an expansive manufacturing footprint enables the company to support customers’ innovation cycles and rapidly deliver solutions. flexible at scale, in line with the broader strategic direction of the platform. Additionally, the acquisition of Tenere helps expand the platform’s geographic reach while significantly strengthening its presence in high-growth, technology-driven end markets.

Carey Chen, CEO of CGI, said, “Tenere’s extensive automation-focused soft and hard tool manufacturing fleet augments CGI’s sheet metal capability, while the company’s injection brings new synergistic manufacturing capability to the platform. We are excited to welcome Tenere to the CGI family and leverage our congruent cultures and capabilities to continue delivering differentiated solutions to our valued clients.

Brian Steel, CEO of Tenere, said, “Tenere is extremely pleased to partner with CORE and CGI. The synergies between Tenere and CGI, along with our shared passion for innovation and customer success, will create added value for our combined customer base and enhance Tenere’s ability to deliver speed, flexibility, scalability and technical expertise.

Winston & Strawn LLP provided legal representation to CGI and CORE in connection with the transaction.

ABOUT CORE INDUSTRY PARTNERS:

CORE Industrial Partners is a private equity firm with $700 million in capital commitments that invests in lower middle market North American manufacturing, industrial technology and industrial services companies. The CORE team is made up of former CEOs and highly experienced investment professionals with shared beliefs, deep experience and a proven track record in building market-leading companies. Using our capital, knowledge and operational expertise, CORE partners with leadership teams and strives to build best-in-class companies. For more information, visit www.coreipfund.com.

ABOUT CGI MANUFACTURING HOLDINGS:

CGI Manufacturing Holdings is a leading supplier 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 and defense, medical, food and industrial. With locations in Illinois, Wisconsin, Minnesota, Michigan, Indiana, Massachusetts, and Oklahoma, CGI offers many in-house manufacturing capabilities, including laser cutting, sheet metal fabrication, ‘complex assembly, CNC punching, CNC machining, forming, robot welding, stamping, fastener insertion, and tool and die manufacturing, to effectively serve customers with manufacturing capabilities in continuous for medium to high volume production. For more information, visit www.cgiautomatedmanufacturing.com/cgiholdings.

ABOUT TENERE:

Tenere is a leading North American manufacturer of custom mechanical solutions for the information and communications technology, fiber and renewable energy end markets. The company utilizes a wide range of manufacturing services and capabilities, including prototyping, design for manufacturability, tooling, sheet metal fabrication and stamping, injection molding, assembly, integration and testing. Based in Dresser, Wisconsin, Tenere operates four facilities on nearly 600,000 square feet and holds ISO 9001 certification. For more information, visit www.tenere.com.


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