Cadrex Acquires Elite Manufacturing Technologies

June 1, 2022

CORE Industrial Partners (“CORE”), a manufacturing, industrial technology, and industrial services-focused private equity firm, announced today the acquisition of Elite Manufacturing Technologies (“Elite” or the “Company”), a leading supplier of innovative precision sheet metal components and assemblies, by CORE portfolio company Cadrex (previously CGI Manufacturing Holdings). Elite is the sixth add-on acquisition to the Cadrex (CGI) platform that CORE launched in August 2021.

Founded in 1991, Elite specializes in manufacturing cabinets, consoles and electro-mechanical assemblies for the electronic gaming industry. The Company also provides components and final or near-final enclosures for a variety of other end markets, including medical, telecommunications, food service and industrial equipment.

Elite combines value-added design engineering services with broad in-house primary fabrication capabilities, including laser cutting, punching, shearing, blanking, forming and welding, and finishing operations, including powder coating and silk-screening, to serve as a one-stop shop for customers seeking both high quality and quick lead times. Elite’s state-of-the-art equipment and automation allow the Company to focus on efficient production of complex components and assemblies while holding tight tolerances. Headquartered outside Chicago in Bloomingdale, Illinois, Elite operates two facilities totaling 145,000 square feet and holds both ISO 9001 and NSF certifications.

Matthew Puglisi, Partner at CORE, said, “The acquisition of Elite aligns with the key tenets of our investment thesis focused on providing differentiated and automated precision manufacturing solutions to industry-leading customers in fast-growing end markets. Notably, Elite’s proprietary product design offering is a compelling addition to the Cadrex (CGI) platform.”

Carey Chen, Chief Executive Officer of Cadrex (CGI) , said, “Elite’s comprehensive metal fabrication capabilities and investments in cutting-edge material handling automation for 24/7 production are a natural fit with Cadrex (CGI) and augment the platform’s capacity and customer value proposition. We’re looking forward to collaborating with our neighbors and new colleagues in the western suburbs of Chicago.”

Jim Conlon, President of Elite, said, “Over the last 30 years, Elite has developed a strong reputation for the utmost product design, innovation and quality, especially in the rapidly growing electronic gaming industry. Now, with the benefit of additional resources and strategic support, we couldn’t be more excited to partner with Cadrex (CGI) and CORE to accelerate our already explosive growth trajectory.”

Winston & Strawn LLP provided legal representation to Cadrex (CGI) and CORE in the transaction. InterOcean Advisors acted as exclusive financial advisor to Elite in connection with this 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 Elite Manufacturing Technologies

Founded in 1991, Elite Manufacturing Technologies is a leading supplier of innovative precision sheet metal components, cabinets, consoles, and final or near-final enclosures for a variety of end markets, including electronic gaming, medical, telecommunications, food service and industrial equipment. Located outside Chicago in Bloomingdale, Illinois, Elite operates two facilities across 145,000 square feet and holds ISO 9001 and NSF certifications.