CORE Industrial Partners (“CORE”), a Chicago-based private equity firm, announced today the acquisition of ICOMold (the “Company”), a leading digital manufacturer with an expertise in injection molding, by CORE portfolio company Midwest Composite Technologies (“MCT”). The ICOMold transaction follows the acquisition in September of FATHOM, an on-demand digital additive manufacturer that combines 3D printing and traditional manufacturing technologies. The combined company’s global footprint now includes over 185,000 square feet of manufacturing capacity across five facilities on two continents. Financial terms of the transaction were not disclosed.
Headquartered in Toledo, Ohio, with a second facility in Shenzhen, China, ICOMold specializes in injection molding, including prototype and production tooling and molds, overmolding, insert molding and family molds, and also offers CNC machining across both metals and plastics as well as urethane casting. The Company’s primary manufacturing capabilities are complemented by value-added secondary processing, including ultrasonic welding, hot plate welding, heat pressing, pad printing and silk screening. Combining an interactive, automated quotation system capable of providing feedback in 30 seconds with an intuitive, customer-facing project management portal, ICOMold serves a highly diversified customer base across a variety of end markets, including medical, consumer, industrial, electronics and transportation. The Company holds an ISO 9001:2015 certification.
Ryan Martin, Chief Executive Officer of MCT, said, “ICOMold’s unique technology drives a truly differentiated customer value proposition that has produced a quality reputation for industry-leading turnaround times and flexible, consultative customer service. The Company’s molding expertise is an exceptional fit with our deep additive manufacturing capabilities at MCT and FATHOM, and we’re pleased to continue to broaden our service offerings and enhance the customer service experience for our valued customers. Importantly, ICOMold’s digital front-end will enable MCT to leverage more capabilities and resources to increase output and enhance overall efficiency.”
Michael Zhao, Founder and President of ICOMold, said, “On behalf of ICOMold, we’re very excited to join forces with MCT and FATHOM. We firmly believe the technology-enabled customer experience at ICOMold is unparalleled, and we’re confident the capabilities of the combined business and the resources from CORE will allow us to successfully pursue our mutual goal to build a market-leading advanced manufacturing firm for prototype and production parts. We look forward to combining with MCT to help drive further growth into the business and expand our service offerings to our customers.”
John May, Managing Partner of CORE Industrial Partners, said, “Our acquisitions of both ICOMold and FATHOM are representative examples of our desire to complete highly strategic add-on acquisitions to augment the commercial and operational capabilities of the broader MCT business. The addition of ICOMold strengthens our Industry 4.0 platform from a variety of perspectives, most notably the opportunity to leverage the Company’s proprietary technology to accelerate growth. We are confident that both the financial and operational synergies generated from these strategic acquisitions will help create what we believe to be one of the largest privately-held on-demand digital additive manufacturing companies that combines 3D printing and traditional technologies in North America.”
Winston & Strawn LLP provided legal representation to CORE and MCT in the transaction. Stifel Global Technology Group acted as exclusive financial advisor to ICOMold in connection with this transaction.