“It was truly a pleasure to work with the entire Carter Morse & Goodrich team. They provided unparalleled M&A advice and guided us throughout the entire transaction process including pre-market preparation, navigating international complexities with respect to our Vietnam operation, managing intensive financial due diligence, and relentlessly negotiating on our behalf. We could not have had such a successful outcome without CMG’s M&A expertise with unique family dynamics.” - Mark Caulfield

has been recapitalized by

Business Description

Founded in 1950, GEM Manufacturing is a third generation, family-owned business led by Robert Caulfield, Mark Caulfield, and Christopher Gemino. The Company utilizes vertical transfer and progressive die press technology to manufacture highly precisioned deep drawn metal components spanning from prototype through high-volume applications. The deep drawn manufacturing process offers several notable advantages compared to other metal forming processes, producing parts free of mechanical seams or joints with uniform wall thickness and a high strength-to-weight ratio. GEM 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.

GEM augments its broad stamping expertise with precision CNC turning and milling, and wire electrical discharge machining to design and fabricate all tooling in-house while also offering a suite of secondary services, including finishing and printing. Headquartered in Waterbury, Connecticut, the birthplace of deep drawn manufacturing, GEM is ISO9001-ceritifed, ITAR-registered and operates three facilities covering nearly 100,000 square feet with a Company-owned location in Binh Duong, Vietnam.


Robert Caulfield, Mark Caulfield, and Christopher Gemino, representing the Company’s third generation, led the Company’s evolution from a manufacturer of electrical components for a specific group of customers into a leading global supplier of precision deep drawn stamped metal components that it is today. With significant continued tailwinds for future expansion into its core end-markets, the Company and its owners were at an important inflection point: exploring an ownership transition that would allow Robert and Mark to transition day-to-day operations while allowing Christopher to stay on with the business alongside a value-added partner that could help take advantage of meaningful growth opportunities.

GEM and its shareholders engaged Carter Morse & Goodrich, a boutique M&A advisory firm that specializes in representing founder-led and family-held businesses valued between $20 million and $200 million, as its exclusive financial advisor that assisted in marketing, structuring, and negotiating the transaction on behalf of the Company.


After exploration of more than 100 private equity and strategic acquirers, as well as several different transaction structures, CORE Industrial Partners was ultimately selected to partner with GEM and its shareholders. Robert Caulfield said, “I am thrilled to embark on this new journey with CORE. They have proven expertise growing industrial companies similar to ours and we cannot wait to see how the Company will evolve under this new partnership”. In connection with the recapitalization, the shareholders rolled over a significant portion of proceeds. Robert and Mark will stay on with the business and operate alongside CORE for a short-term transition period while allowing Christopher to operate as a key member of the Management team going forward.

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