CORE Industrial Partners Acquires Gem Manufacturing
Gem Manufacturing uses vertical-transfer and die-press technology to manufacture high-precision, deep-drawn components.
CORE Industrial Partners, a manufacturing, industrial technology and industrial services-focused private equity firm, has acquired Gem Manufacturing, a provider of precision deep-drawn metal components and mechanical assemblies.
Founded in 1950, Gem utilizes vertical-transfer and die-press technology to manufacture high-precision, deep-drawn components spanning from prototype through high-volume applications. The deep-drawn manufacturing process is said to offer several notable advantages compared to other metal forming processes, producing parts free of mechanical seams or joints with uniform wall thickness and a high strength-to-weight ratio. The company works with aluminum, copper, brass, stainless and carbon steel, Inconel and Monel, among other metals, for customers across a variety of end markets, including electric vehicles, mining, aerospace, defense and industrial.
Gem augments its broad stamping expertise with precision CNC turning and milling and wire electrical discharge machining to design and fabricate all tooling in-house while also offering a suite of secondary services, including finishing and printing. Headquartered in Waterbury, Connecticut, Gem is ISO 9001-certified, ITAR-registered and operates three facilities covering nearly 100,000 square feet, with a company-owned location in Binh Duong, Vietnam.
John May, managing partner of CORE, says, “Our acquisition of Gem serves as the latest example of our focus on partnering with founder, family and entrepreneur-owned businesses in proactively identified thematic verticals with attractive investment dynamics. We believe we can leverage our deep precision manufacturing experience to help expedite the company’s next stage of growth.”
Robert Caulfield, president of Gem, says, “Since our founding nearly 75 years ago, Gem has prioritized our core value of collaboration, both internally with our talented staff and externally with our valued customers. My partners, Mark Caulfield and Chris Gemino, and I have been working to find a partner that both understands and embraces our emphasis on collaboration. We believe CORE is an ideal fit, and we’re looking forward to working with CORE to further expand our capabilities and reach.”
CORE operating partner Rock Lambert will become chairman of the Gem board of directors.
