Acquisition Creates a Leading Private On-demand Digital Manufacturer that Combines 3D Printing and Traditional Manufacturing Technologies in North America
Chicago, IL, December 6, 2019 - CORE Industrial Partners ("CORE"), a Chicago-based private equity firm, announced today the acquisition of ICOMold (the "Company"), a leading digital manufacturer with an expertise in injection molding, by CORE portfolio company Midwest Composite Technologies ("MCT"). The ICOMold transaction follows the acquisition in September of FATHOM, an on-demand digital additive manufacturer that combines 3D printing and traditional manufacturing technologies. The combined company's global footprint now includes over 185,000 square feet of manufacturing capacity across five facilities on two continents. Financial terms of the transaction were not disclosed.
Headquartered in Toledo, Ohio, with a second facility in Shenzhen, China, ICOMold specializes in injection molding, including prototype and production tooling and molds, overmolding, insert molding and family molds, and also offers CNC machining across both metals and plastics as well as urethane casting. The Company's primary manufacturing capabilities are complemented by value-added secondary processing, including ultrasonic welding, hot plate welding, heat pressing, pad printing and silk screening. Combining an interactive, automated quotation system capable of providing feedback in 30 seconds with an intuitive, customer-facing project management portal, ICOMold serves a highly diversified customer base across a variety of end markets, including medical, consumer, industrial, electronics and transportation. The Company holds an ISO 9001:2015 certification.
Ryan Martin, Chief Executive Officer of MCT, said, "ICOMold's unique technology drives a truly differentiated customer value proposition that has produced a quality reputation for industry-leading turnaround times and flexible, consultative customer service. The Company's molding expertise is an exceptional fit with our deep additive manufacturing capabilities at MCT and FATHOM, and we're pleased to continue to broaden our service offerings and enhance the customer service experience for our valued customers. Importantly, ICOMold's digital front-end will enable MCT to leverage more capabilities and resources to increase output and enhance overall efficiency."
Michael Zhao, Founder and President of ICOMold, said, "On behalf of ICOMold, we're very excited to join forces with MCT and FATHOM. We firmly believe the technology-enabled customer experience at ICOMold is unparalleled, and we're confident the capabilities of the combined business and the resources from CORE will allow us to successfully pursue our mutual goal to build a market-leading advanced manufacturing firm for prototype and production parts. We look forward to combining with MCT to help drive further growth into the business and expand our service offerings to our customers."
John May, Managing Partner of CORE Industrial Partners, said, "Our acquisitions of both ICOMold and FATHOM are representative examples of our desire to complete highly strategic add-on acquisitions to augment the commercial and operational capabilities of the broader MCT business. The addition of ICOMold strengthens our Industry 4.0 platform from a variety of perspectives, most notably the opportunity to leverage the Company's proprietary technology to accelerate growth. We are confident that both the financial and operational synergies generated from these strategic acquisitions will help create what we believe to be one of the largest privately-held on-demand digital additive manufacturing companies that combines 3D printing and traditional technologies in North America."
Winston & Strawn LLP provided legal representation to CORE and MCT in the transaction. Stifel Global Technology Group acted as exclusive financial advisor to ICOMold in connection with this transaction.
ABOUT CORE INDUSTRIAL PARTNERS:
CORE Industrial Partners is a Chicago-based private equity firm investing in North American lower middle-market manufacturing and industrial technology businesses. CORE's team is comprised of highly experienced former CEOs and investment professionals with shared beliefs, deep experience and a track record of building market leading businesses. Through its capital, insight and operational expertise, CORE partners with management teams with the goal of creating unique value, growing revenues and consistently delivering lasting results. For more information, visit www.coreipfund.com.
ABOUT MIDWEST COMPOSITE TECHNOLOGIES:
MCT, together with its recent FATHOM acquisition, is one of the largest privately-held on-demand digital additive manufacturing companies that combines 3D printing and traditional technologies in North America. The company has over 80 3D printing machines encompassing a wide variety of additive technologies and a large footprint with over 150,000 square feet of manufacturing capacity across three facilities. Founded over 35 years ago, MCT is at the forefront of the Industry 4.0 digital manufacturing revolution. MCT uniquely blends 3D printing and deep engineering expertise with unmatched in-house capabilities across plastic additive, metal additive, and traditional manufacturing technologies along with engineering and design capabilities. MCT works collaboratively with its blue-chip customers to accelerate new product development and on-demand production needs. MCT holds an ISO 9001:2015 certification, ITAR registration and AS9100 Rev. D. To learn more, visit www.midwestcomposite.com.
ICOMold is a leading digital manufacturer of prototype and production parts across a variety of traditional manufacturing technologies with an expertise in injection molding. Headquartered in Toledo, Ohio, with a second facility in Shenzhen, China, ICOMold utilizes differentiated automated quotation software and a customer-facing project management portal to serve a diversified customer base across numerous end markets, including medical, consumer, industrial, electronics and transportation. Founded in 2003, the Company holds an ISO 9001:2015 certification. To learn more, visit www.icomold.com.