Watermill sells manufacturer Tenere to CORE-backed CGI

• The purchase of Tenere marks CORE’s seventh CGI add-on acquisition
• Watermill acquired Tenere in 2012
• CORE invests in North American lower middle-market manufacturing, industrial technology, and industrial services companies

The Watermill Group has sold Tenere to CGI, a portfolio company of CORE Industrial Partners. No financial terms were disclosed. Based in Dresser, Wisconsin, Tenere is a provider of custom mechanical solutions.

The purchase of Tenere marks CORE’s seventh CGI add-on acquisition. Watermill acquired Tenere in 2012.

“We are incredibly proud of Tenere’s evolution and rapid growth,” said Robert Ackerman, a senior partner at Watermill Group, said in a statement. “Ten years ago, we put the company on a new strategic course, focusing on innovation-obsessed end markets that need a creative, technologically advanced partner to match innovation demands. Tenere has become that trusted strategic partner to industry-leading companies, and will move forward with a foundation for enduring success.”

For this transaction, Lincoln International LLC provided sell-side advisory services, Proskauer Rose LLP provided legal services, CION Investment and Fifth Third Bank, NA provided debt.

CORE invests in North American lower middle-market manufacturing, industrial technology, and industrial services companies.