CORE Industrial Partners, a manufacturing, industrial technology, and industrial services-focused private equity firm, announced the acquisition of IDL Precision Machining, an engineering-focused manufacturer of highly complex precision components and assemblies primarily for the aerospace and defense end market. The acquisition if through CORE portfolio company, Cadrex Manufacturing Solutions.
Previously known as CGI Manufacturing Holdings, the recently relaunched Cadrex platform now includes nine business units with approximately 1.5 million square feet of manufacturing space and more than 2,000 employees across nine states, as well as Mexico.
Cadrex offers comprehensive in-house manufacturing capabilities, including laser cutting, sheet metal fabrication, injection molding, electromechanical assembly, CNC punching, CNC machining, robotic welding, stamping, fastener insertion, and tool and die manufacturing.
Founded in 1987, IDL is an ideal fit, offering CNC machining, including horizontal milling, vertical milling, and turning. It serves customers from initial design and concept engineering through product development, prototyping, and qualification to full-scale production. As a result, IDL is considered a key development partner for its customers, often securing single-source positions on prominent high-growth platforms and mission-critical applications.
Within the aerospace and defense end-market, IDL serves a variety of subsegments and applications, including C4ISR, electronic warfare, space, commercial avionics, aircraft controls, interiors and in-flight entertainment. Headquartered outside Seattle in Mukilteo, Washington, IDL operates an AS9100 and ISO 9001-certified and ITAR-registered facility with a fleet of more than 50 machines.
“We believe IDL is a highly synergistic add-on to Cadrex,” said Matthew Puglisi, partner at CORE. “In addition to broadening the platform’s reach to include new, market-leading customers across numerous segments within the attractive aerospace and defense sector, the acquisition of IDL also provides incremental complex precision machining capabilities and a compelling new geographic location in the Pacific Northwest.”
Dean Handaly, co-president of Finance and Production, added: “When Robert and I acquired IDL a decade ago, we knew we would one day need to find the right partner to not only serve as a steward for our talented employees, but also provide the resources to assist IDL with its next phase of growth. Given the exceptional fit with CORE and Cadrex, we’re confident we’ve found that partner.”
Winston & Strawn LLP provided legal representation to Cadrex and CORE in the transaction.