CORE Secures $887M Commitments for Advanced Manufacturing Innovations and More


The private equity (PE) sector is playing an increasing role in the evolution of the additive manufacturing (AM) landscape, especially in the US services sector. One of the main firms leading this trend is CORE Industrial Partners, which has been consolidating the North American advanced manufacturing bureaus market alongside other PE groups. Today, CORE has proven it will continue to do so, attesting to the successful closure of $887 million in capital commitments.

CORE dramatically exceeded its targets, raising $685 million for CORE Industrial Partners Fund III, L.P. (Fund III) and $202 million for CORE Industrial Services Fund I, L.P. (Services Fund I). Over the past five years, there have been more than $1.58 billion in limited partner commitments. Fund III will continue CORE’s flagship strategy, focusing on the acquisition of manufacturing and industrial technology businesses. CORE’s goal is to utilize its investment and operational expertise to foster growth and create long-term value.

The inauguration of Industrial Services Fund I represents a strategic shift towards the industrial services sector, currently experiencing considerable growth. This change stems from the reshoring of industries and widespread adoption of Industry 4.0 technologies throughout North America.

John May, Managing Partner of CORE, voiced his gratification and pride at the backing and faith shown in them by new and existing investors. He commented on their firm commitment to an industrial sector, which they believe is reaping significant long-term benefits. Their focus, he said, is to seize these opportunities and work diligently for their limited partners.

Significantly, CORE is renowned for the creation of a merged digital manufacturing service bureau known as FATHOM. Following a problematic SPAC IPO in 2021, the service bureau encountered financial difficulties as the SPAC market along with the larger macroeconomic market decreased. As a result, FATHOM introduced new leadership from the CORE team, which led to speculations that CORE may privatize the company.

Along with this, CORE established a distinct private service bureau comprising smaller, well-regarded manufacturing firms and named it UPTIVE. Concurrently, CORE supported 3D printer maker 3DXTECH, in conjunction with its associate companies that produce AM materials. Although the PE firm appears to primarily focus on services, their backing of 3DXTECH implies that CORE could be either flexible in their overarching strategy or has a broader plan for the market.

Presently, numerous distressed assets exist within the industry, which are lucrative prospects for PE groups. In certain instances, these businesses are failing to be bought out, causing them to sell their actual devices at auction. This has been seen with Uniformity Labs and Arevo, but there’s likely other AM companies struggling to find a purchaser. In such circumstances, PE firms can step in, possibly acquiring any company they perceive to have long-term value. If we’ve reached market bottom as seems to be the case, they would have acquired these assets at a considerably low price and can sell them in the future at a greater value, probably after consolidating them or integrating them into other businesses.

Who CORE buys or backs in the coming year will inform us which direction the market may be headed in and we are sure to see what other PE-backed businesses follow suit. To keep the discussion going, feel free to contact Our Proton Mail account provides an anonymous way to speak with us privately.

Original source


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