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by Stephen Perry on 09/30/2022
Irvine, CA (September 30, 2022) – Janes Capital Partners advised IDL Precision Machining (“IDL”) on its sale to Cadrex Manufacturing Solutions (“Cadrex”), a portfolio company of CORE Industrial Partners (“CORE”). The transaction closed on September 9, 2022.
Based in Mukilteo, WA, IDL offers CNC machining, including horizontal milling, vertical milling and turning, to serve customers from initial design and concept engineering through product development, prototyping and qualification to full-scale production. As a result, IDL is considered a key development partner for its customers, often securing single-source positions on prominent high-growth platforms and mission-critical applications in the aerospace & defense and industrial end markets. Within the aerospace & defense end market, IDL serves a variety of sub-segments and applications, including C4ISR, electronic warfare, space, commercial avionics, aircraft controls, interiors and in-flight entertainment. Founded in 1987, IDL operates an AS9100- and ISO 9001-certified and ITAR-registered facility with a fleet of over 50 machines.
Cadrex is a leading provider of complex sheet metal and machined production parts, assemblies, and weldments for a variety of end markets, including aerospace & defense, information communication technology, energy transmission & distribution, food production & agriculture, medical, material handling and electronic gaming & kiosk. With locations in eight states and Mexico, Cadrex offers comprehensive in-house manufacturing capabilities, including laser cutting, sheet metal fabrication, injection molding, electromechanical assembly, CNC punching, CNC machining, robotic welding, stamping, fastener insertion, and tool and die manufacturing, to effectively serve customers with lights-out manufacturing capabilities from low- through high-volume production.
CORE Industrial Partners is a private equity firm with $700 million of capital commitments investing in North American lower middle-market manufacturing, industrial technology, and industrial services 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 capital, insight, and operational expertise, CORE partners with management teams and strives to build best-in-class companies.
Robert Peha, Co-President of IDL, said, “We would like to express our thanks to Janes Capital Partners for their hard work and professionalism. They did an outstanding job guiding us through the M&A process and facilitating a successful transaction. They really understood our business, knew how to position it, who to talk to and why? The outcome comfortably met our expectations and we could not be happier as we partner with Cadrex and CORE Industrial Partners going forward.”
About Janes Capital Partners
Based in Irvine, CA, Janes Capital Partners is a leading investment banking firm focused solely on the Aerospace and Defense industry. The firm provides mergers and acquisition advisory services and assists clients in executing growth strategies and liquidity events. The members of Janes Capital Partners have completed more than 80 successful A&D transactions and $5.5 billion in closed transaction value. Securities transactions are conducted through JCP Securities, Inc., a registered Broker/Dealer, member FINRA/SIPC, and registered Investment Advisor.
Janes Capital Partners is an independent financial advisory firm that is affiliated with Oaklins International Inc. Oaklins is the world’s most experienced mid-market M&A advisor, with 850 professionals globally and 15 dedicated industry teams in 45 countries.
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