Cadrex Acquires Tenere

July 19, 2022

CORE Industrial Partners (“CORE”), a manufacturing, industrial technology, and industrial services-focused private equity firm, announced today the acquisition of Tenere Inc (“Tenere” or the “Company”), a leading manufacturer of custom mechanical solutions to the information & communication technology, fiber and renewable energy end markets, by CORE portfolio company Cadrex (previously CGI Manufacturing Holdings).

Tenere is the seventh add-on acquisition to the Cadrex platform that CORE launched in August 2021. The combined Cadrex platform now covers approximately 1.4 million square feet with more than 2,000 employees across 14 facilities in eight states as well as Mexico. Cadrex holds ISO 9001, ISO 13485, ISO 17025 and AS9100D certifications, in addition to ITAR and FDA registrations.

Founded in 1993, Tenere is a trusted manufacturing partner to industry-leading companies building the critical technology infrastructure of the 21st century. The Company provides solutions to complex product lines for data centers, fiber and 5G installations, and renewable energy infrastructure by leveraging decades of technical expertise and the latest in manufacturing automation and robotics for sheet metal fabrication and injection molding.

Tenere’s comprehensive suite of manufacturing capabilities and services, including prototyping, design for manufacturability, tooling, sheet metal fabrication and stamping, injection molding, assembly, integration, and testing, allows the Company to provide a complete solution and accelerate new product introduction for its customers. Headquartered in Dresser, Wisconsin, Tenere operates four facilities comprising nearly 600,000 square feet, including two facilities in Wisconsin, a dedicated injection molding facility in Westminster, Colorado, and a new state-of-the-art facility in Monterrey, Mexico. Tenere is ISO 9001-certified.

Matthew Puglisi, Partner at CORE, said, “Tenere’s unique combination of dynamic, early-stage collaboration capabilities and an expansive manufacturing footprint allows the Company to support customer innovation cycles and quickly deliver flexible solutions at scale, in alignment with the broader strategic direction of the platform. Further, the acquisition of Tenere helps expand the platform’s geographic reach while appreciably deepening its presence in high-growth, technology-focused end markets.”

Carey Chen, Chief Executive Officer of Cadrex, said, “Tenere’s extensive, automation-driven soft and hard tool fabrication fleet expands Cadrex’s sheet metal capacity, while the Company’s injection molding offering brings a synergistic new manufacturing capability to the platform. We’re excited to welcome Tenere to the Cadrex family and leverage our congruent cultures and capabilities to continue to provide differentiated solutions to our valued customers.”

Brian Steel, Chief Executive Officer of Tenere, said, “Tenere is extremely pleased to partner with CORE and Cadrex. The synergies between Tenere and Cadrex, along with our shared passion for innovation and customer success, will create added value for our combined customer base and enhance Tenere’s ability to deliver speed, flexibility, scalability, and technical expertise.”

Winston & Strawn LLP provided legal representation to Cadrex 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 Tenere

Tenere is a leading North American manufacturer of custom mechanical solutions to the information & communication technology, fiber and renewable energy end markets. The Company utilizes a broad suite of services and manufacturing capabilities, including prototyping, design for manufacturability, tooling, sheet metal fabrication and stamping, injection molding, assembly, integration and testing. Headquartered in Dresser, Wisconsin, Tenere operates four facilities across nearly 600,000 square feet and holds an ISO 9001 certification.