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CORE Industrial Partners Portfolio Company Incodema Acquisitions



CORE Industrial Partners, a Chicago-based private equity firm, has announced the acquisition of several companies by CORE portfolio company Incodema Holdings LLC.

Dahlquist Machine

Founded in 1969 and headquartered north of Minneapolis in Ham Lake, MN, Dahlquist Machine specializes in high-speed precision machining of light metal, aluminum and plastic products for a customer base largely comprised of established medical device and laboratory testing equipment OEMs. In addition to medical, Dahlquist Machine also serves the electronics, instrumental and industrials end markets with a suite of more than 30 modern CNC mills and lathes. The company is ISO9001 compliant.

John May, Managing Partner of CORE, said, "Dahlquist Machine is readily identified by its customers as a premium and often sole source supplier for high-mix CNC machining services across countless product platforms. In addition to the utmost attention to quality control, the company has a superior record of on-time delivery over the past three decades. We view Dahlquist Machine as the foundation of a broader precision machining business for the Incodema platform, and we are eager to work with Jeff and the entire Dahlquist Machine team."

Jeff Dahlquist, President of Dahlquist Machine, said, "On behalf of all Dahlquist Machine employees, we are excited to begin this new partnership. Five of our original employees from the early 1990's remain with the business, and I am looking forward to partnering with a firm such as CORE that will not only provide the resources and expertise to continue our growth trajectory, but also respect the culture and legacy of our company."

Majestic Metals

Majestic Metals, LLC, a provider of precision sheet metal fabrication services, will combine with Incodema, Newcut and Dahlquist Machine to form a nationwide precision manufacturing services provider aligned with Industry 4.0 trends for on-demand production across sheet metal fabrication, CNC machining and photochemical etching. The combined entity offers a broad assortment of on-demand manufacturing and finishing capabilities for customers in a variety of end markets, including medical, electronics, aerospace and defense industrial, among others.

Founded in 1979, Majestic Metals has more than four decades of experience. The company's comprehensive in-house manufacturing solutions include design and engineering support, laser cutting, punching, forming, welding, assembly and finishing, among others. Majestic Metal's end-to-end service offering and heavy investment into automation and lights-out manufacturing facilitates quick turnaround times for low-to-mid volume complex precision sheet metal components. The company serves diversified end markets with an expertise in the analytical instruments, medical, aerospace and defense, electronics and industrial sectors. Based in Denver, CO, the company operates a state-of-the-art facility and holds certifications and compliance designations including ISO 9001 and ITAR.

Matthew Puglisi, Partner of CORE, said, "Majestic Metals has developed a strong reputation as a highly experienced manufacturer with the ability to serve as a thought and design partner, utilizing in-depth industry knowledge to support both the product development and production needs of its customers. We are pleased to add Majestic Metals to Incodema and will continue to pursue highly complementary acquisitions to build out our nationwide platform."

Carey Chen, CEO of Incodema, said, "Majestic Metals is a natural fit for us as they have similar precision metal fabrication capabilities including cutting, forming and welding, but at a larger part scale. Furthermore, Majestic Metals brings incremental abilities to the group, including state-of-the-art automation, powder coating and screen printing. I look forward to working closely with the Roberts brothers and the Majestic Metals team in the future."

Chip Roberts, President of Majestic Metals, said, "On behalf of my brothers, Dave and Doug, and the full Majestic Metals team, we are excited to partner with CORE and Incodema. For more than 40 years, Majestic Metals has established its position as a customer-focused provider of premium sheet metal products and engineering services. We believe the partnership with Incodema and support from CORE will provide the combined platform considerable scale and the resources necessary to enhance our product offering to our existing customers, as well as attract prospective clients."

Mark Two Engineering

Founded in 1996 and headquartered in Miami Lakes, FL, Mark Two specializes in complex high-precision machining and manufacturing for established medical device OEMs. The company provides components, surgical equipment and implant systems across multiple product platforms through a full suite of modern CNC technologies and equipment, including Swiss screw machines, lathes, multi-axis mills and grinders. Mark Two is ISO 9001 certified, ISO 13485 certified and FDA registered.

TJ Chung, Senior Partner of CORE, said, "Mark Two is consistently viewed by customers as a strategic manufacturing partner driven by its strong technical capabilities, consistent product quality and collaborative approach to customer service. Mark Two's CNC machining capabilities are an ideal fit with the sheet metal capabilities of Incodema, and this transaction provides important geographic and end market expansion."

Chen said, "Mark Two Engineering brings naturally complementary capabilities to us including CNC milling, CNC turning and CNC grinding. We are also pleased that Mark Two Engineering's continuous dedication to quality has led to a solid foothold in the medical device and components arena, a strategic end market that we are working to expand."

Cheryl Box, CEO of Mark Two, said, "On behalf of myself and all Mark Two employees, we are very pleased to join the Incodema team. With the financial, strategic and operational support of Incodema and CORE, Mark Two will have the resources to drive very exciting growth initiatives that will position us to even more effectively serve our valued customers."

For more information contact:

CORE Industrial Partners

150 N Riverside Plaza

Suite 2050

Chicago, IL 60606

312-566-4880

inquiries@coreipfund.com

www.coreipfund.com

Dahlquist Machine

13758 Johnson Street NE

Ham Lake, MN 55304

763-755-7575

info@dahlquistmachine.com

www.dahlquistmachine.com

Majestic Metals, LLC

Denver, Colorado

www.majesticmetals.com

Mark Two Engineering, Inc.

14000 NW 58th Court

Hialeah, FL 33014

305-889-3280

sales@marktwo.com

www.marktwo.com

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