Watermill Group Completes Sale of Tenere to CGI Manufacturing Holdings, a Portfolio Company of CORE Industrial Partners

For the past decade, Watermill has helped transform Tenere into a sophisticated supplier of custom mechanical solutions for the high-growth markets of information and communications technology, fiber optics and renewable energy.

Under Watermill ownership, Tenere refocused and reinvigorated its business strategy, implemented facility improvements across North America, coordinated key acquisitions, completed a greenfield expansion to Mexico, more than doubled its employee base and built a high-performing management team that created a foundation for enduring success.

BOSTON–(BUSINESS WIRE)–#5G–The Watermill Group, a strategy-driven private investment firm, today announced the sale of Tenere to CGI Manufacturing Holdings (“CGI”), a portfolio company of CORE Industrial Partners (“CORE”). Tenere is a leading supplier of custom mechanical solutions, serving dynamic, blue-chip customers across information and communications technology (ICT), fiber optics and renewable energy. CORE is a private equity firm that supports the growth of North American lower middle-market manufacturing, industrial technology, and industrial services companies. The purchase of Tenere marks CORE’s seventh CGI add-on acquisition.

Since its 2012 acquisition by the Watermill Group, Tenere built a high-performing management team, repositioned its strategy and deeply invested in expansion, acquisition and equipment to become a leading mechanical solutions provider to some of the world’s most innovative companies. As a result, Tenere joins CORE with a strong financial profile, expanding customer base, and growing employee population, which has more than doubled since 2012.

“We are incredibly proud of Tenere’s evolution and rapid growth,” said Robert Ackerman, Senior Partner, Watermill Group. “Ten years ago, we put the company on a new strategic course, focusing on innovation-obsessed end markets that need a creative, technologically advanced partner to match innovation demands. Tenere has become that trusted strategic partner to industry-leading companies, and will move forward with a foundation for enduring success.”

Watermill President & COO Julia Karol added, “Tenere’s story is a testament to what can be achieved when Watermill’s strategic approach is embraced by a highly skilled company. We at Watermill are thrilled by Tenere’s growth during our tenure and believe the business is well-positioned to capture its next phase of growth and innovation with CORE.”

For this transaction, Lincoln International LLC provided sell-side advisory services, Proskauer Rose LLP provided legal services, CION Investment and Fifth Third Bank, NA provided debt.

About the Watermill Group

The Watermill Group is a strategy-driven private investment firm that helps companies achieve their full potential through strategic transformation. For more than four decades, the family owned and managed firm has been acquiring, operating and improving companies. Watermill looks for businesses in which it can apply a unique combination of strategic insight and management expertise to re-imagine their future and drive growth. www.watermill.com.

About Tenere

Tenere is a leading North American manufacturer of custom mechanical solutions to the information & communication technology, fiber and renewable energy end markets. The Company utilizes a broad suite of services and manufacturing capabilities, including prototyping, design for manufacturability, tooling, sheet metal fabrication and stamping, injection molding, assembly, integration and testing. Headquartered in Dresser, Wisconsin, Tenere operates four facilities across nearly 600,000 square feet and holds an ISO 9001 certification. For more information, visit www.tenere.com.

Contacts

Joanna Clark

CXO Communication

joanna@cxocommunication.com
207-712-1404

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