PE-backed Incodema buys Majestic Metals

Incodema, which is backed by CORE Industrial Partners, has acquired Majestic Metals, a provider of precision sheet metal fabrication services.

Incodema, which is backed by CORE Industrial Partners, has acquired Majestic Metals, a provider of precision sheet metal fabrication services. No financial terms were disclosed. Class VI Partners acted as financial advisor to Majestic Metals on the deal.

PRESS RELEASE

Chicago, IL, December 23, 2020 – CORE Industrial Partners (“CORE”), a Chicago-based private equity firm, announced today the acquisition of Majestic Metals, LLC (“Majestic Metals” or the “Company”), a provider of precision sheet metal fabrication services, by CORE portfolio company Incodema Holdings LLC (“Incodema”).

Majestic Metals will combine with Incodema, Newcut and recently acquired Dahlquist Machine 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 on-demand manufacturing and finishing capabilities for customers in a variety of end markets, including medical, electronics, aerospace and defense, and industrial, among others.

Founded in 1979, Majestic Metals is a well-established precision sheet metal manufacturer with more than four decades of experience. The Company’s comprehensive in-house manufacturing solutions include design and engineering support, laser cutting, punching, forming, welding, assembly and finishing, among others. Majestic Metal’s end-to-end service offering and heavy investment into automation and “lights out” manufacturing facilitates quick turnaround times for low-to-mid volume complex precision sheet metal components. The Company serves diversified end markets with an expertise in the analytical instruments, medical, aerospace and defense, electronics and industrial sectors.

Based in Denver, Colorado, the Company operates a state-of-the-art facility and holds certifications and compliance designations including ISO 9001 and ITAR.

Matthew Puglisi, Partner of CORE, said, “Majestic Metals has developed a strong reputation as a highly experienced manufacturer with the ability to serve as a thought and design partner, utilizing in-depth industry knowledge to support both the product development and production needs of its customers. We’re pleased to add Majestic Metals to Incodema and will continue to pursue highly complementary acquisitions to build out our nationwide platform.”

Carey Chen, CEO of Incodema, said, “Majestic Metals is a natural fit for us as they have similar precision metal fabrication capabilities including cutting, forming, and welding, but at a larger part scale. Furthermore, Majestic Metals brings incremental abilities to the group, including state-of-the-art automation, powder coating and screen printing. I look forward to working closely with the Roberts brothers and the Majestic Metals team in the future.”

Chip Roberts, President of Majestic Metals, said “On behalf of my brothers, Dave and Doug, and the full Majestic Metals team, we’re excited to partner with CORE and Incodema. For more than 40 years, Majestic Metals has established its position as a customer-focused provider of premium sheet metal products and engineering services. We believe the partnership with Incodema and support from CORE will provide the combined platform considerable scale and the resources necessary to enhance our product offering to our existing customers, as well as attract prospective clients.”

Winston & Strawn LLP provided legal representation to CORE and Incodema in the transaction. Class VI Partners acted as exclusive financial advisor to Majestic Metals 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 MAJESTIC METALS:
Majestic Metals, LLC (“Majestic Metals”) is a precision sheet metal fabrication services provider, offering design and manufacturing solutions with a focus on low-to-mid volume production. The Company serves numerous end markets, including analytical instruments, medical, aerospace and defense, electronics and industrials. Headquartered in Denver, Colorado, Majestic Metals holds certifications and compliance designations including ISO 9001 and ITAR. For more information, visit www.majesticmetals.com.

ABOUT INCODEMA HOLDINGS LLC:
Incodema Holdings LLC (“Incodema”) is a leading provider of sheet metal cutting and forming solutions, including laser, micro waterjet, specialty stamping, multislide, welding and photochemical etching across numerous end markets, including electronics, aerospace and defense, medical and industrials, among others. Headquartered in Ithaca, New York, with an additional state-of-the-art facility in Newark, New York, Incodema holds certifications and compliance designations including AS9100 Rev. D, ISO 9001 and ITAR. To learn more, visit www.incodema.com.