CORE Industrial Partners (“CORE”), a Chicago-based private equity firm, announced today the acquisition of Summit Tooling, Inc. and Summit Plastics, Inc. (collectively, “Summit” or the “Company”), a leading precision tooling and injection molding services provider, by CORE portfolio company Fathom. Summit is the fourth add-on acquisition to the Fathom platform following CORE’s initial investment in 2018.
Founded in 1996, Summit provides high-quality plastic injection mold design, precision mold-making and close-tolerance injection molding with a specialty in small-to-medium prototype injection molds. Utilizing a fleet of more than 30 machines, Summit primarily serves long-tenured customers in the medical and packaging end markets.
The Company’s in-house metalworking capabilities include engineering design, sheet metal shearing, punching and bending, roll forming, hardware integration, welding, grinding, polishing, painting and assembly. Further, Summit’s thermoplastics engineering expertise allows the Company to process multi-shot tooling, bi-injected tooling and insert overmolding in addition to offering pad printing, hot stamping, ultrasonic welding and assembly. Headquartered northwest of Chicago in McHenry, Illinois, the Company operates a 26,000 square foot facility.
Ryan Martin, Chief Executive Officer of Fathom, said, “Summit’s focus on customers during the design, prototyping and low-volume production stages of a product’s life cycle perfectly aligns with Fathom’s unique customer value proposition. We’re excited to work with the Summit team to explore opportunities to even better serve its customers through Fathom’s comprehensive digital manufacturing platform while also providing Fathom’s existing customer base expanded domestic quick-turn precision tooling and molding capabilities.”
Matthew Puglisi, Partner of CORE, said, “Summit’s leading customer base includes some of the largest and most recognizable players in the medical and packaging spaces. This acquisition significantly enhances Fathom’s domestic injection molding and tooling capabilities, and we’ll continue to actively pursue acquisitions, similar to Summit, that simultaneously broaden our customer base, enhance our service offering and deepen our presence in attractive, recession-resistant end markets.”
Dan Martin, President of Summit, said, “Since my wife, Michelle, and I founded Summit 25 years ago, we’ve been committed to providing outstanding quality and customer service to build the business into a leader in the design, engineering and construction of molds and molded components. We’ve now reached an inflection point in our growth trajectory, and we believe Fathom is the perfect fit in terms of both culture and customer value proposition to help take Summit to the next level.”
Monroe Capital LLC provided financing for the acquisition. Winston & Strawn LLP provided legal representation to CORE and Fathom in the transaction.
ABOUT CORE INDUSTRIAL PARTNERS:
CORE Industrial Partners is a Chicago-based private equity firm investing in North American lower middle-market manufacturing and industrial technology businesses. CORE’s team is comprised of highly experienced former CEOs and investment professionals with shared beliefs, deep experience, and a proven track record of building market-leading businesses. Through our capital, insight, and operational expertise, CORE partners with management teams and strives to build best-in-class companies with lasting results. For more information, visit www.coreipfund.com.
ABOUT SUMMIT TOOLING & SUMMIT PLASTICS:
Founded in 1996, Summit Tooling, Inc. and Summit Plastics, Inc. (collectively, “Summit”) is a leading provider of high-quality plastic injection mold design, precision mold-making and close-tolerance injection molding. Specializing in small-to-medium prototype injection molds, Summit primarily serves customers in the medical and packaging end markets through a fleet of more than 30 machines outside of Chicago in McHenry, Illinois. To learn more, visit www.summittooling.com.
Fathom is one of the largest digital manufacturing platforms offering on-demand manufacturing in North America. With more than 100 large-platform industrial-grade 3D printing machines and a national footprint with more than 200,000 square feet of manufacturing capacity across five facilities, Fathom seamlessly blends in-house capabilities across plastic and metal additive technologies, CNC machining, injection molding & tooling, urethane casting, and design and engineering. Founded more than 35 years ago, Fathom is at the forefront of the Industry 4.0 digital manufacturing revolution serving clients in the technology, defense, aerospace, medical, automotive and IOT sectors. Fathom holds ISO 9001 and AS9100 Rev D certifications and is ITAR registered. To learn more, visit www.fathommfg.com.