GEM Manufacturing Recapitalized by CORE Industrial Partners

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February 23, 2023

Carter Morse & Goodrich ("CMG") is pleased to announce that it served as the exclusive financial advisor to GEM Manufacturing, Inc. (“GEM” or the “Company”), a leading manufacturer of precision deep drawn stamped metal components, specializing in high precision, high volume parts, in its recapitalization by CORE Industrial Partners (“CORE”), a Chicago-based private equity firm with a focus on lower middle market manufacturing, industrial technology, and industrial service companies. Terms of the transaction were not disclosed.

Founded in 1950, GEM Manufacturing is a third generation, family-owned business that specializes in vertical transfer and progressive die press technology to manufacture high volume precision deep drawn metal stamped components. Headquartered in Waterbury, Connecticut, the birthplace of deep drawn manufacturing, GEM is ISO 9001-ceritifed, ITAR-registered and operates three facilities covering nearly 100,000 square feet with a Company-owned location in Binh Duong, Vietnam. GEM produces more than 1.1 billion parts per year on more than 100 different presses and works with aluminum, copper, brass, stainless and carbon steel, Inconel and Monel, among other metals, for customers across a variety of end markets, including electric vehicles, mining, aerospace & defense and industrial.

Following a thoughtful analysis of strategic options and a disciplined transaction process, CORE Industrial Partners was chosen to be the preferred partner for GEM. Robert Caulfield, President of GEM, said, “Since our founding nearly 75 years ago, GEM has prioritized our core value of collaboration, both internally with our talented staff and externally with our valued customers.  My partners, Mark Caulfield and Chris Gemino, and I have been working to find a partner that both understands and embraces our emphasis on collaboration.  We believe CORE is an ideal fit, and we’re looking forward to working with CORE to further expand our capabilities and reach.” Because of this partnership approach, GEM shareholders will continue to hold meaningful equity stakes and management rolls in the business going forward.  

“It was truly a pleasure to work with Bob, Mark, and Chris and advise the family on their ‘once-in-a-lifetime’ transaction . After a robust process, we are confident that CORE Industrial Partners will make for an excellent steward of the Company and the 125 employees. We are excited to see CORE help GEM execute multiple growth initiatives while maintaining the family legacy that has been built over multiple generations.” said Ramsey Goodrich, Managing Partner of CMG.

Carter Morse & Goodrich served as the exclusive financial advisor to GEM Manufacturing and assisted in marketing, structuring, and negotiating the transaction on behalf of the Company.

Carmody Torrance Sandak & Hennessey LLP served as GEM Manufacturing’s legal advisor, while tax and accounting support was provided by Dibble & Rossi and UHY LLP. The transaction was managed by Carter Morse & Goodrich’s FINRA registered broker-dealer affiliate, Carter Capital Corporation.

About Carter Morse & Goodrich

Located in Southport, Connecticut, Carter Morse & Goodrich is a boutique M&A advisory firm that specializes in representing founder-led and family-held businesses valued between $25 million and $250 million. While CMG provides a full range of investment banking services, our primary focus is representing owners who are pursuing their once-in-a-lifetime M&A transactions. CMG specializes in advising leading companies in niche markets to plan, prepare, execute, and close successful transactions that maximize shareholder value. CMG fully understands and appreciates the unique dynamics of closely-held businesses and the importance of owner legacies. For 35 years, the combination of our hands-on approach, senior banker attention, strategic guidance, seamless transaction execution and extensive network of domestic and international resources has enabled us to become a trusted advisor to hundreds of business owners.

CMG's Broker/Dealer affiliate, Carter Capital Corporation, is a FINRA member firm registered with the SEC and SIPC.

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