CORE Industrial Partners, a Chicago-based private equity firm, announced today the acquisition of Richlind Metal Fabricators, a provider of precision sheet metal fabrication and machining services, by CORE portfolio company Cadrex (previously CGI Manufacturing Holdings). Richlind represents the third add-on acquisition to the Cadrex (CGI) platform CORE launched in August 2021.

Founded in 1963, Richlind specializes in complex, tight tolerance parts and assemblies primarily for the aviation, defense and space end markets. The Company's breadth of in-house capabilities, including sheet metal fabrication, machining, welding, assembly, engineering, forming, punching, laser and waterjet cutting and silk-screening, allows Richlind to serve as a one-stop shop from prototyping through production. Holding ISO9001:2015 and AS9100D certifications and an ITAR registration, the Company utilizes a leading quality management system that addresses all stages of manufacturing, beginning with a computerized work order system and incorporating a network of qualified suppliers, production departments, quality inspection, packaging and shipping, and facilitates the efficient handling of hundreds of jobs simultaneously. Richlind is headquartered in Chaska, Minnesota, operating from a 50,000 square foot facility.

Matthew Puglisi, Partner of CORE, said, “Our acquisition of Richlind serves as the latest example of CORE's deep experience partnering with multi-generation family-owned businesses. We believe the Company's highly technical manufacturing capabilities and advanced technologies are an ideal fit, and we look forward to continuing to grow the Cadrex (CGI) platform through similar complementary acquisitions.”

Mike Lind, President of Richlind, said, “From the Company's founding nearly 60 years ago to our current position as a best-in-class aerospace & defense precision manufacturing services provider, we've built our business through exemplary customer service and investment in leading technology. On behalf of myself, my brothers, Dan, Dave and Chris, and all Richlind employees, we're looking forward to augmenting these core success factors with additional resources and support in partnership with Cadrex (CGI) and CORE.”

Winston & Strawn LLP provided legal representation to Cadrex (CGI) and CORE in the transaction.