CORE Industrial Partners Portfolio Company GEM Manufacturing Acquires Coining Manufacturing and Precision Machine Products

Apr 13, 2024

CHICAGO, July 13, 2023--(BUSINESS WIRE)--CORE Industrial Partners ("CORE"), a manufacturing, industrial technology, and industrial services-focused private equity firm, announced today the acquisition of Coining Manufacturing, LLC ("Coining") and Precision Machine Products, Inc. ("PMP", and together with Coining, the "Company"), a provider of specialty stamping and machining services, by CORE portfolio company GEM Manufacturing ("GEM"). CORE previously acquired GEM, a provider of precision deep drawn metal components and mechanical assemblies, in February 2023.

Founded in 1990, the Company offers progressive die stamping, screw machining, CNC machining and wire EDM manufacturing technologies to produce complex precision components. Utilizing a fleet of tools, dies, and fixtures exclusively designed, built and maintained in-house, the Company also provides piercing, slotting, drawing, coining, trimming, tapping, deburring and bending. Further, beyond milling and drilling, the Company can perform advanced machining operations, including knurling, counterboring and threading, to create complicated geometries and multifaceted structures while holding tight tolerances.

The Company primarily serves the aerospace & defense, medical, electronics and semiconductor end markets for a variety of product types and applications, including microelectronic and sonic packages, sensors, implantable devices, connectors, terminals, solder cups, thermocouple pins and seal headers. In addition to working with more common metals such as aluminum, copper and stainless steel, the Company often manufactures parts from a variety of difficult metals, including titanium, Kovar, Inconel, Alumel, and Chromel. Headquartered in Clifton, New Jersey, the Company operates in an ISO9001-certified facility with an equipment base of more than 60 machines.

Matthew Puglisi, Partner at CORE, said, "Coining and PMP offer differentiated, highly technical manufacturing capabilities and a long track record of working with customers in demanding, high-growth end markets to produce precision components for mission-critical applications. We believe these acquisitions are compelling additions to the GEM platform, and we look forward to pursuing additional inorganic growth opportunities."

Rock Lambert, Operating Partner at CORE, said, "From manufacturing capabilities and geographic location to customer bases and end market focus, Coining and PMP are highly complementary and strategic fits with GEM. We’re excited to augment both the depth and breadth of the platform’s value proposition in support of our valued customers."

Ed Farley, Director and Owner of Coining and PMP, said, "The Company’s offering includes an intense focus on outstanding quality and customer service. We combine this focus with vertically integrated capabilities, a state-of-the-art equipment base and technical expertise to serve as a single-source supplier for custom precision metalworking."

John Lipari, Sr., Director and Owner of Coining and PMP, said, "Above all else, our talented and highly experienced employees have been the key to our consistent growth over the last decade. We’re pleased to partner with the GEM and CORE teams to provide additional resources and strategic guidance to support the Company’s next growth phase."

Winston & Strawn LLP provided legal representation to CORE in the transaction.

ABOUT CORE INDUSTRIAL PARTNERS:CORE Industrial Partners is a private equity firm with $700 million of capital commitments investing in North American lower middle-market manufacturing, industrial technology, and industrial services businesses. CORE’s team is comprised of highly experienced former CEOs and investment professionals with shared beliefs, deep experience, and a demonstrated track record of building market-leading businesses. Through our capital, insight, and operational expertise, CORE partners with management teams and strives to build best-in-class companies. For more information, visit www.coreipfund.com.

ABOUT GEM MANUFACTURING:Founded in 1950, GEM Manufacturing ("GEM") is a provider of precision deep drawn metal components and mechanical assemblies for a variety of end markets, including electric vehicle, mining, aerospace & defense and industrials. Headquartered in Waterbury, Connecticut, with a facility in Vietnam, GEM offers vertical transfer and progressive die press stamping as well as CNC and wire electrical discharge machining to manufacture high-precision components from prototyping through high-volume production. For more information, visit www.gemmfg.com.

ABOUT COINING MANUFACTURING AND PRECISION MACHINE PRODUCTS:Coining Manufacturing LLC and Precision Machine Products (together, the Company") are providers of progressive die stamping, screw machining, CNC machining, wire EDM, and related secondary manufacturing capabilities. The Company serves a variety of end markets, including aerospace & defense, medical, electronics and semiconductor, across numerous product types and demanding end use applications. Headquartered in Clifton, New Jersey, the Company operates an ISO 9001-certified facility. For more information, visit www.coining.com and www.precisionmachineproducts.com.

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