Core Industrial Partners created new plaftform business with Incodema, Newcut buyouts


Chicago-based private equity house Core Industrial Partners has completed the buyouts of Incodema and Newcut to launch a new business specialising in metal sheet engineering and photo-chemical etching.

Incodema offers sheet metal cutting and forming including laser, micro waterjet, specialty stamping, multislide and welding, while Newcut is one of the nation’s oldest photo chemical etching providers.

Both Incodema and Newcut serve diversified end markets with an expertise in the aerospace & defense, electronics and medical sectors, Core said.

John May, managing partner of CORE, said, “Our investments in Incodema and Newcut underscore Core’s continued desire to not only invest in advanced digital manufacturing firms that align with Industry 4.0 fundamentals, but also to do so in partnership with founders and family owners.

“We believe access to CORE’s network and resources will prove highly impactful in both augmenting the Company’s existing operations and adding new capabilities and geographic reach.”

Core partner Matthew Puglisi added, “The company’s differentiated technical capabilities and demonstrated track record of effectively transitioning from prototype to production with a leading customer base are especially compelling drivers of our investment.”

Core raised $230m for the final close of its oversubscribed inaugural fundraise last year.

The private equity house was targeting $200m for the fund, but went on to exceed that amount and its initial $225m hard cap.

The firm typically invests in lower middle-market technology businesses in the North American manufacturing and industrial sectors with with revenues up to $200m.

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