Elite Manufacturing Technologies has been acquired by CORE Industrial Partners platform

admin_ioadvisors Capital Equipment, Electrical Products, Transactions

InterOcean Advisors is pleased to announce the recent sale of Elite Manufacturing Technologies to CGI Automated Manufacturing, a portfolio company of CORE Industrial Partners.

Elite Manufacturing Technologies (“Elite” or the “Company”) combines value-added design engineering services with broad in-house primary fabrication capabilities, including laser cutting, punching, shearing, blanking, forming and welding, and finishing operations, including powder coating and silk-screening, to serve as a one-stop shop for customers seeking both high quality and quick lead times.  Elite’s state-of-the-art equipment and automation allow the Company to focus on efficient production of complex components and assemblies while holding tight tolerances.

Elite specializes in manufacturing cabinets, consoles and electro-mechanical assemblies for the electronic gaming industry, as well as components and final or near-final enclosures for a variety of other end markets, including telecommunications, medical, food service and industrial equipment.  CGI Automated Manufacturing (“CGI”) 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. 

“Elite has established itself as one of the premier fabricators serving certain highly demanding end markets, including gaming, telecom, and medical,” commented Nick Newlin, a Managing Director at InterOcean Advisors.  “As a result, the company is on an exceptional growth trajectory.  The partnership with CORE and its portfolio company, CGI, will not only provided additional operational expertise and capacity to assist Elite with achieving its forecasted growth, but is expected to help generate additional future opportunities across the platform.”

CORE Industrial Partners (“CORE”) is a private equity firm with more than $700 million of capital commitments investing in North American lower middle-market manufacturing, industrial technology and industrial services businesses. 

Founded in 1991, Elite is a leading supplier of innovative precision sheet metal components, cabinets, consoles, and final or near-final enclosures for a variety of end markets, including electronic gaming, medical, telecommunications, food service and industrial equipment.  Located outside Chicago in Bloomingdale, Illinois, Elite operates two facilities across 145,000 square feet and holds ISO 9001 and NSF certifications.

InterOcean Advisors served as investment banking advisor to Elite.  This is the second company InterOcean has advised in connection with this platform for CORE, having previously advised CGI on its sale to CORE in August 2021.  Levenfeld Pearlstein served as legal counsel to Elite.