Hartland-based Midwest Composite Technologies Inc. has been acquired by Chicago-based private equity firm CORE Industrial Partners, CORE announced today.
CORE plans to expand MCT, both organically and with add-on acquisitions, to create a “cutting-edge Industry 4.0 additive manufacturing company.” Industry 4.0 refers to the use of automation and data sharing by manufacturers to communicate over the Internet of Things in a smart factory.
MCT was founded in 1984 and is based in a 120,000-square-foot facility in Hartland. Today, it provides 3D prototyping and low-volume production with its 40 additive manufacturing machines, using a variety of additive techniques. MCT also performs CNC machining, injection molding and industrial design. Its customers are mainly in the medical, aerospace, research and development, consumer and general industrials sectors.
“On behalf of the Keidl family and all MCT employees, we are thrilled to partner with the CORE team,” said Helmut Keidl, president and founder of MCT, in a statement. “For three decades, Midwest Composite has been on the cutting edge of the burgeoning additive manufacturing industry, and now with access to CORE’s extensive resources and network of seasoned operating professionals, we are eager to work together to drive explosive growth in the business.”
TJ Chung, senior partner at CORE, has been appointed chairman at MCT.
“MCT’s full suite of in-house additive manufacturing technologies facilitates industry-leading turnaround times, including same-day processing and shipping,” Chung said. “Our investment in the company is representative of our desire to acquire leading lower middle market industrial technology businesses where we can utilize our unique experience as both investors and operators to identify and execute against a clear set of value creation initiatives.”
Financial terms of the transaction were not disclosed. A CORE spokeswoman said the firm does not plan to make any changes at MCT as a result of the transaction, but declined to answer additional questions. MCT representatives were not available for comment.
