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CORE expands geographic reach with acquisition of Tenere Inc
CORE Industrial Partners, a manufacturing, industrial technology, and industrial services-focused private equity firm, has announced the acquisition of Tenere Inc., a leading manufacturer of custom mechanical solutions to the information and communication technology, fiber and renewable energy markets.
The acquisition was carried out by CORE portfolio company CGI Manufacturing Holdings, and the value of the transaction was not disclosed.
Tenere is the seventh add-on acquisition to the CGI platform that CORE launched in August 2021.
The combined CGI platform now covers approximately 1.4 million square feet, with more than 2,000 employees across 14 facilities in eight states as well as in Mexico.
Founded in 1993, Tenere is a manufacturing partner to industry-leading companies building critical technology infrastructure, and provides solutions to complex product lines for data centers, fiber and 5G installations, and renewable energy infrastructure by leveraging decades of technical expertise and the latest in manufacturing automation and robotics for sheet metal fabrication and injection molding.
Tenere is headquartered in Dresser, Wisconsin, and operates facilities, in Wisconsin, Westminster, in Colorado, and a new state-of-the-art facility in Monterrey, Mexico.
“Tenere’s unique combination of dynamic, early-stage collaboration capabilities and an expansive manufacturing footprint allows the company to support customer innovation cycles and quickly deliver flexible solutions at scale, in alignment with the broader strategic direction of the platform,” Matthew Puglisi, a partner at CORE, said.
“The acquisition of Tenere helps expand the platform’s geographic reach while appreciably deepening its presence in high-growth, technology-focused end markets,” he added.
For his part, Carey Chen, CGI’s CEO, said: “Tenere’s extensive, automation-driven soft and hard tool fabrication fleet expands CGI’s sheet metal capacity, while the company’s injection molding offering brings a synergistic new manufacturing capability to the platform”.
Mexican law firm Ritch Mueller represented CGI Manufacturing Holdings in the acquisition of Tenere, with a team led by lead partner Jean Paul Farah Chajín, with Diego Rodríguez Rodríguez and Eric Silberstein Lerner.
Winston and Strawn acted as US counsel to CGI Manufacturing Holdings, Proskaeur acted as US counsel to Tenere, and whose Mexican counsel was law firm Creel, Garcia-Cuellar.
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