CORE Expands Industrial Services Portfolio

CORE Industrial Partners has acquired IMMEC LLC and IMMEC Machine & Welding LLC (together, IMMEC), a provider of maintenance, retrofit, and renovation services to industrial companies.

IMMEC’s services span maintenance, mechanical, electrical, fabrication, and automation, and encompass a wide range of specialized capabilities. These include crane and rigging support, systems integration for automated equipment, plant upgrades and renovation projects, and equipment maintenance. Services are typically delivered on-site at customer facilities and are supported by IMMEC’s operational hubs located near Atlanta.

Customers of IMMEC include Southeastern US-based private and public sector facility owners and general contractors operating in the transportation, pulp and paper, food and beverage processing, and municipal infrastructure sectors. IMMEC (Innovative Mechanical & Electrical Contracting) was founded in 2002 by President Bruce Verge, and is headquartered near Atlanta in Social Circle, Georgia.

“We are thrilled to welcome IMMEC into CORE’s industrial services portfolio. As an established provider of end-to-end solutions supporting critical infrastructure and operations across a diverse suite of blue-chip customers, IMMEC’s experience aligns with our commitment to investing in businesses that deliver essential services to customers in a wide range of sectors,” said John May, the managing partner at CORE, “Bruce and his team have maintained strong client service, consistent operational standards, and a positive workplace culture. We look forward to building on the company’s legacy while supporting its future growth as part of CORE’s portfolio.”

“For more than two decades, our focus has been on delivering full-service, turnkey solutions with an emphasis on safety, quality, and customer satisfaction,” said Mr. Verge. “I’m incredibly proud of our team and excited to partner with CORE to better serve our customers and drive the company’s next phase of growth.”

IMMEC operates within the industrial services sector, which has experienced steady growth, fueled by rising demand for outsourced infrastructure support, facility upgrades, and modernization efforts across aging industrial plants and public utilities.

According to a 2024 report from IBISWorld, the U.S. industrial maintenance services market is expected to continue its expansion, driven by several key trends. These include the aging of industrial infrastructure, which necessitates more frequent and specialized maintenance; the adoption of predictive maintenance technologies, which use sensors and data analytics to anticipate failures and enhance equipment uptime; and a regional manufacturing surge, particularly in the Southeastern United States, where states such as Georgia, Tennessee, and South Carolina are drawing significant investments in automotive, semiconductor, and energy manufacturing.

“The investment in IMMEC reflects our strategy of partnering with founder-, family-, and entrepreneur-owned businesses in proactively identified thematic verticals,” said Jason Fulton, a partner at CORE. “We were impressed by the IMMEC team and see the company as a best-in-class operator that stands out for its unique value proposition in the growing Southeastern U.S. market. We look forward to supporting IMMEC’s continued growth and working closely with Bruce and the entire team to accelerate the company’s trajectory and continue delivering exceptional value to its customers.”

CORE Industrial Partners makes control equity investments of up to $100 million in North America-based companies with revenues of up to $200 million and EBITDA of up to $20 million. Sectors of interest include a range of specialty verticals within the manufacturing and industrial technology sectors. In February 2024, CORE announced the above target closings of two new funds with a combined $887 million of capital. The two funds are CORE Industrial Partners Fund III LP with $685 million of capital, and CORE Industrial Services Fund I LP with $202 million of capital. CORE is headquartered in Chicago.

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