CHICAGO, September 5, 2018 – CORE Industrial Partners (“CORE”), a Chicago-based private equity firm, today announced that it has acquired Midwest Composite Technologies, Inc. (“MCT” or the “Company”), a leading additive manufacturer of prototype and low-volume production components, establishing an industry technology 4.0 platform that it plans to build upon. Financial terms of the transaction were not disclosed.
Industry 4.0 refers to the Fourth Industrial Revolution, where companies use automation and data sharing in a cyber-physical system to communicate and cooperate in the manufacturing process over the Internet of Things (IoT) in a smart factory.
Founded in 1984, MCT offers 3D prototyping and low-volume production services through a fleet of over 40 additive manufacturing machines, including in-house selection laser sintering (“SLS”), direct metal laser sintering (“DMLS”), polyjet printing (“PJET”) and fused deposition modeling (“FDM”) technologies. In addition to 3D printing and processing, the Company also offers CNC machining, injection molding and industrial design capabilities to a diversified customer base primarily in the medical, aerospace, research & development, consumer and general industrials end markets. MCT is headquartered in Hartland, Wisconsin, and operates out of a 120,000 square foot facility.
John May, Managing Partner and Founder of CORE, said, “MCT is an important acquisition for CORE as it will serve as the platform investment for building a cutting-edge Industry 4.0 additive manufacturing company through both organic growth and complementary add-on acquisitions. Combining tireless customer service with outstanding technical capabilities, the Company is a trusted partner to its blue-chip customer base. It is an honor to partner with MCT and we look forward to working collaboratively with their entire team.”
Helmut Keidl, President and Founder of MCT said, “On behalf of the Keidl family and all MCT employees, we are thrilled to partner with the CORE team. For three decades, Midwest Composite has been on the cutting edge of the burgeoning additive manufacturing industry, and now with access to CORE’s extensive resources and network of seasoned operating professionals, we are eager to work together to drive explosive growth in the business.”
TJ Chung, Senior Partner at CORE, who will become Chairman of the MCT Board of Directors, said, “MCT’s full suite of in-house additive manufacturing technologies facilitates industry-leading turnaround times, including same-day processing and shipping. Our investment in the Company is representative of our desire to acquire leading lower middle market industrial technology businesses where we can utilize our unique experience as both investors and operators to identify and execute against a clear set of value creation initiatives.”
Monroe Capital provided financing for the acquisition. Norton Rose Fulbright US LLP provided legal representation to CORE in the transaction.
ABOUT CORE INDUSTRIAL PARTNERS:
CORE Industrial Partners is a Chicago-based private equity firm investing in North American lower middle-market manufacturing and industrial technology 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 to create unique value, grow revenues and consistently deliver lasting results. For more information, visit www.coreipfund.com.
ABOUT MIDWEST COMPOSITE TECHNOLOGIES, INC:
Midwest Composite Technologies is a leading additive manufacturer of prototype and low-volume production components for a variety of end markets, including medical, aerospace, research & development, consumer and general industrials. Founded in 1984, MCT is headquartered in Hartland, Wisconsin, and serves a diverse customer base from a 120,000 square foot facility. For more information, visit www.midwestcomposite.com.