Incodema Holdings, a portfolio company of CORE Industrial Partners, has acquired Mark Two Engineering, a medical device contract manufacturing provider. K-2 Ventures acted as exclusive financial advisor to Mark Two on the transaction.
Chicago, IL, January 5, 2021 – CORE Industrial Partners (“CORE”), a Chicago-based private equity firm, announced today the acquisition of Mark Two Engineering, LLC (“Mark Two” or the “Company”), a medical device contract manufacturing provider, by CORE portfolio company Incodema Holdings LLC (“Incodema”).
Mark Two is the third acquisition to the Incodema platform to close in the past month, joining recently acquired Dahlquist Machine and Majestic Metals to form a leading nationwide precision manufacturing services provider aligned with Industry 4.0 trends for on-demand production across sheet metal fabrication, CNC machining and photochemical etching. The combined entity offers a broad assortment of manufacturing and finishing capabilities for customers in a variety of end markets, including medical, electronics, aerospace and defense, and industrial, among others.
Founded in 1996 and headquartered in Miami Lakes, Florida, Mark Two specializes in complex high-precision machining and manufacturing for established medical device OEMs. The Company provides components, surgical equipment, and implant systems across multiple product platforms through a full suite of modern CNC technologies and equipment, including swiss screw machines, lathes, multi-axis mills and grinders. Mark Two is ISO 9001 certified, ISO 13485 certified and FDA registered.
TJ Chung, Senior Partner of CORE, said, “Mark Two is consistently viewed by customers as a strategic manufacturing partner driven by its strong technical capabilities, consistent product quality and collaborative approach to customer service. Mark Two’s CNC machining capabilities are an ideal fit with the sheet metal capabilities of Incodema, and this transaction provides important geographic and end market expansion.”
Carey Chen, CEO of Incodema Holdings, said, “Mark Two Engineering brings naturally complementary capabilities to us including CNC milling, CNC turning, and CNC grinding. We are also pleased that Mark Two Engineering’s continuous dedication to quality has led to a solid foothold in the medical device and components arena, a strategic end market that we are working to expand.”
Cheryl Box, CEO of Mark Two, said, “On behalf of myself and all Mark Two employees, we are very pleased to join the Incodema team. With the financial, strategic, and operational support of Incodema and CORE, Mark Two will have the resources to drive very exciting growth initiatives that will position us to even more effectively serve our valued customers.”
Winston & Strawn LLP provided legal representation to CORE and Incodema in the transaction. K-2 Ventures acted as exclusive financial advisor to Mark Two Engineering 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 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 with lasting results. For more information, visit www.coreipfund.com.
ABOUT MARK TWO ENGINEERING:
Founded in 1996, Mark Two is a contract manufacturing firm that specializes in complex high-precision component machining for the medical device industry. Headquartered in Miami Lakes, FL, Mark Two is ISO 9001 certified, ISO 13485 certified and FDA registered. For more information, visit www.marktwo.com.
ABOUT INCODEMA HOLDINGS:
Incodema Holdings (“Incodema”) is a leading provider of precision machining and sheet metal cutting and forming solutions, including laser, micro waterjet, specialty stamping, multislide, welding and photo chemical etching, across numerous end markets, including electronics, aerospace and defense, medical and industrials, among others. Headquartered in Ithaca, New York, with additional facilities in Newark, New York, Minneapolis, Minnesota, and Denver, Colorado, Incodema holds certifications and compliance designations including AS9100 Rev. D, ISO 9001 and ITAR. For more information, visit www.incodema.com.
ABOUT K-2 VENTURES:
K-2 Ventures is a South Florida based boutique M&A firm offering investment banking services, consulting and private equity investing. For more information, visit www.k-2ventures.com.