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CORE Industrial Partners Portfolio Company CGI Manufacturing Holdings Acquires Tenere

CORE Industrial Partners (“CORE”), a manufacturing, industrial technology, and industrial services-focused private equity firm, announced the acquisition of Tenere Inc (“Tenere” or the “Company”), a leading manufacturer of custom mechanical solutions to the information & communication technology, fiber and renewable energy end markets, by CORE portfolio company CGI Manufacturing Holdings (“CGI”).

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“Tenere is extremely pleased to partner with CORE and CGI. The synergies between Tenere and CGI, along with our shared passion for innovation and customer success, will create added value for our combined customer base and enhance Tenere’s ability to deliver speed, flexibility, scalability, and technical expertise.”

Tenere is the seventh add-on acquisition to the CGI platform that CORE launched in August 2021. The combined CGI platform now covers approximately 1.4 million square feet with more than 2,000 employees across 14 facilities in eight states as well as Mexico. CGI holds ISO 9001, ISO 13485, ISO 17025 and AS9100D certifications, in addition to ITAR and FDA registrations.

Founded in 1993, Tenere is a trusted manufacturing partner to industry-leading companies building the critical technology infrastructure of the 21st century. The Company provides solutions to complex product lines for data centers, fiber and 5G installations, and renewable energy infrastructure by leveraging decades of technical expertise and the latest in manufacturing automation and robotics for sheet metal fabrication and injection molding.

Tenere’s comprehensive suite of manufacturing capabilities and services, including prototyping, design for manufacturability, tooling, sheet metal fabrication and stamping, injection molding, assembly, integration, and testing, allows the Company to provide a complete solution and accelerate new product introduction for its customers. Headquartered in Dresser, Wisconsin, Tenere operates four facilities comprising nearly 600,000 square feet, including two facilities in Wisconsin, a dedicated injection molding facility in Westminster, Colorado, and a new state-of-the-art facility in Monterrey, Mexico. Tenere is ISO 9001-certified.

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Matthew Puglisi, Partner at CORE, said, “Tenere’s unique combination of dynamic, early-stage collaboration capabilities and an expansive manufacturing footprint allows the Company to support customer innovation cycles and quickly deliver flexible solutions at scale, in alignment with the broader strategic direction of the platform. Further, the acquisition of Tenere helps expand the platform’s geographic reach while appreciably deepening its presence in high-growth, technology-focused end markets.”

Carey Chen, Chief Executive Officer of CGI, said, “Tenere’s extensive, automation-driven soft and hard tool fabrication fleet expands CGI’s sheet metal capacity, while the Company’s injection molding offering brings a synergistic new manufacturing capability to the platform. We’re excited to welcome Tenere to the CGI family and leverage our congruent cultures and capabilities to continue to provide differentiated solutions to our valued customers.”

Brian Steel, Chief Executive Officer of Tenere, said, “Tenere is extremely pleased to partner with CORE and CGI. The synergies between Tenere and CGI, along with our shared passion for innovation and customer success, will create added value for our combined customer base and enhance Tenere’s ability to deliver speed, flexibility, scalability, and technical expertise.”

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