Cadrex Acquires DFF Corporation

March 8, 2022

CORE Industrial Partners (“CORE”), a Chicago-based private equity firm, announced today the acquisition of DFF Corporation (“DFF” or the “Company”), a leading precision manufacturer specializing in medium-to-high volume production of precision machined components and electromechanical assembly products, by CORE portfolio company Cadrex (previously CGI Manufacturing Holdings).

DFF is the latest addition to the Cadrex (CGI) platform launched by CORE in August 2021 and the sixth overall company to join the platform. Cadrex (CGI) collectively operates approximately 200 CNC machines, eight lasers and 650,000 square feet with more than 700 employees across eight facilities in seven states. Cadrex (CGI) certifications include ISO 9001, ISO 13485, ISO 17025 and AS9100D, in addition to ITAR and FDA registrations.

Founded in 1969, DFF offers comprehensive manufacturing services, including automated CNC milling and turning, electromechanical assembly, design and engineering, prototyping and quality assurance for warehouse robotics, medical, semiconductor, aerospace & defense, and industrial end markets. The Company’s advanced manufacturing technology allows DFF to run 24 / 7, combining precision machining expertise and climate-controlled assembly capabilities with a humidity-controlled quality lab to function as a single source for customers. Located in Agawam, Massachusetts, DFF operates a 300,000 square foot facility and holds AS9100D and ISO 9001 certifications along with an ITAR registration.

Matthew Puglisi, Partner of CORE, said, “DFF is a scaled, design and engineering-driven manufacturing services provider with a strong track record of growth. In addition to roughly doubling the platform’s footprint, this transformational addition provides significant strategic value, including deeper penetration into attractive end markets and a complementary East Coast location to broaden national reach.”

Carey Chen, Chief Executive Officer of Cadrex (CGI), said, “DFF’s focus on medium-to-high volume production parts and assemblies is a natural fit with Cadrex (CGI). The Company bolsters Cadrex (CGI) precision CNC machining capacity while also complementing our precision sheet metal fabrication capabilities. We’re looking forward to working with the talented DFF management team to add even more value to our combined customer base.”

Bill Marganti, President of DFF, said, “Since our founding more than a half-century ago, DFF has differentiated itself through a high-touch customer engagement model and robust technical capabilities that enable full continuity of the production process. CORE’s deep experience investing in the precision manufacturing space coupled with the highly synergistic fit with Cadrex (CGI) made for an easy decision to partner with CORE and Cadrex (CGI) to support our continued growth.”

Winston & Strawn LLP provided legal representation to Cadrex (CGI) and 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 proven 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 Cadrex (Previously CGI Manufacturing Holdings)

Cadrex (previously CGI Manufacturing Holdings) is a leading provider of complex sheet metal and machined production parts, assemblies, and weldments for a variety of end markets, including electrical transmission and distribution, warehouse automation, technology, aerospace & defense, medical, food, and industrials. With locations in Illinois, Wisconsin, Minnesota, Michigan, Indiana, Massachusetts and Oklahoma, Cadrex (CGI) offers numerous in-house manufacturing capabilities, including laser cutting, sheet metal fabrication, complex assembly, CNC punching, CNC machining, forming, robotic welding, stamping, fastener insertion, and tool and die manufacturing, to effectively serve customers with lights-out manufacturing capabilities for mid- to high-volume production.

About DFF Corporation

Founded in 1969, DFF Corporation is a leading contract manufacturer specializing in medium-to-high volume production of precision machined components and electromechanical assembly products for a variety of end markets, including warehouse robotics, medical, semiconductor, aerospace & defense and industrial. Located in Agawam, Massachusetts, DFF operates a 300,000 square foot facility and holds AS9100D and ISO 9001 certifications as well as an ITAR registration.