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Core takes over Midwest Composite Technologies

18 Sep '18

3 min read

Courtesy: Core Industrial Partners

Core Industrial Partners (Core), a Chicago-based private equity firm, has taken over Midwest Composite Technologies (MCT), a leading additive manufacturer of prototype and low-volume production components founded in 1984, establishing an industry technology 4.0 platform that it plans to build upon. Financial terms of the transaction were not disclosed.

Industry 4.0 refers to the Fourth Industrial Revolution, where companies use automation and data sharing in a cyber-physical system to communicate and cooperate in the manufacturing process over the Internet of Things (IoT) in a smart factory.

MCT offers 3D prototyping and low-volume production services through a fleet of over 40 additive manufacturing machines, including in-house selection laser sintering (SLS), direct metal laser sintering (DMLS), polyjet printing (PJET), stereolithography (SLA), fused deposition modeling (FDM) and multi jet fusion (MFJ) technologies. In addition to 3D printing and processing, the company also offers CNC machining, injection molding and industrial design capabilities to a diversified customer base primarily in the medical, aerospace, research and development, consumer and general industrials end markets. MCT is headquartered in Hartland, Wisconsin, and operates out of a 120,000 square foot facility.

John May, managing partner and founder of Core, said, “MCT is an important acquisition for Core as it will serve as the platform investment for building a cutting-edge Industry 4.0 additive manufacturing company through both organic growth and complementary add-on acquisitions. Combining tireless customer service with outstanding technical capabilities, the company is a trusted partner to its blue-chip customer base. It is an honour to partner with MCT and we look forward to working collaboratively with their entire team.”

Helmut Keidl, president and founder of MCT said, “On behalf of the Keidl family and all MCT employees, we are thrilled to partner with the Core team. For three decades, Midwest Composite has been on the cutting edge of the burgeoning additive manufacturing industry, and now with access to Core’s extensive resources and network of seasoned operating professionals, we are eager to work together to drive explosive growth in the business.”

TJ Chung, senior partner at Core, who will become chairman of the MCT board of directors, said, “MCT’s full suite of in-house additive manufacturing technologies facilitates industry-leading turnaround times, including same-day processing and shipping. Our investment in the company is representative of our desire to acquire leading lower middle market industrial technology businesses where we can utilise our unique experience as both investors and operators to identify and execute against a clear set of value creation initiatives.” (SV)

Fibre2Fashion News Desk – India