CORE Closes Another CGI Add-On

CORE Closes Another CGI Add-On

CGI's latest add-on follows the October 2021 buy of Wisconsin-based Advanced Laser Machining

PMF specializes in CNC laser cutting, stamping, and welding of parts used in the HVAC, construction, appliance, cogeneration, petroleum and agriculture sectors

SOURCE: Precision Metal Fab

CGI Automated Manufacturing, a provider of sheet metal fabrication services and a portfolio company of CORE Industrial Partners since August 2021, has acquired sister-companies Precision Metal Fab and Precision Tool & Die (together PMF).

CGI’s service capabilities include laser cutting, CNC punching and machining, forming, robotic welding, fastener insertion, and assembly. The company specializes in short lead times for mid-to-high volume complex sheet metal production parts, assemblies and weldments in stainless steel, aluminum, galvanized, cold rolled, or hot rolled materials from 24 gauge (1/40 of an inch) to one inch thick.

CGI has a specialization in serving customers in the electrical transmission and distribution sector and also serves the medical, food, lighting, and industrial sectors. CGI operates a 62,500 square foot facility located in the Chicago suburb of Romeoville.

PMF specializes in computer numerically-controlled (CNC) laser cutting, stamping, metal die formation, welding, and assembly of parts used in a range of industries including HVAC, construction, appliance, cogeneration, petroleum and agriculture.

PMF’s fleet of 10- and 15-kilowatt fiber-optic lasers can cut up to 1.2-inch-thick mild steel, stainless, aluminum, brass and copper with tolerances up to .003 inches. The company’s presses – ranging from 60 to 300 tons – are used for both short-run and long-run progressive stamping, press brake forming, PEM (a type of self-clinching fastener) insertion, and assembly.

PMF, led by President Greg Neisen, was founded in 1978 and operates a 60,000 square foot manufacturing facility that is located 90 miles northwest of Tulsa in Ponca City, Oklahoma.

The acquisition of PMF follows CGI’s October 2021 buy of Advanced Laser Machining (AL), a Wisconsin-based contract manufacturer for the supercomputing, aerospace & defense, medical, transportation and industrial sectors.

“From state-of-the-art equipment to lights-out automation, we believe PMF is at the forefront of metal manufacturing technology and fits exceptionally well with the CGI platform,” said Matthew Puglisi, a partner at CORE. “We look forward to leveraging the broader capabilities of CGI, PMF and AL to drive organic growth while continuing to pursue strategic acquisition opportunities.”

Chicago-based CORE makes control investments in companies that have 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.

© 2021 Private Equity Professional | December 14, 2021

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