M&A Deal Summary

Cadrex Manufacturing Solutions Acquires Tenere

On July 19, 2022, Cadrex Manufacturing Solutions acquired metals/mining company Tenere from Watermill Group

Acquisition Highlights
  • This is Cadrex Manufacturing Solutions’ 1st transaction in the Metals/Mining sector.
  • This is Cadrex Manufacturing Solutions’ 6th transaction in the United States.
  • This is Cadrex Manufacturing Solutions’ 2nd transaction in Wisconsin.

M&A Deal Summary
Date 2022-07-19
Target Tenere
Sector Metals/Mining
Buyer(s) Cadrex Manufacturing Solutions
Sellers(s) Watermill Group
Deal Type Add-on Acquisition

Target

Tenere

Dresser, Wisconsin, United States
Tenere is a designer and builds hard tool-manufactured products. It offers design and engineering, sheet metal fabrication and stamping, plastic injection molding, custom precision machining, and logistical solutions and services. Tenere was founded in 1966 and is based in Dresser, Wisconsin.

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Buyer(S) 1

Buyer

Cadrex Manufacturing Solutions

Romeoville, Illinois, United States
Category Company
Founded 1976
Sector Manufacturing
DESCRIPTION

Cadrex Manufacturing Solutions is a provider of complex production parts, weldments, assemblies, and proprietary products for a variety of end markets, including information & communication and technology, aerospace & defense, warehouse automation, robotics, medical, electronic gaming, food, and industrials. With locations in 11 states and Mexico, Cadrex offers in-house manufacturing capabilities, including laser cutting, sheet metal fabrication, injection molding, electromechanical assembly, CNC punching, CNC machining, robotic welding, stamping, fastener insertion, and tool and die manufacturing, to effectively serve customers with manufacturing capabilities from low- through high-volume production. Cadrex Manufacturing Solutions was formed in 1976 and is based in Romeoville, Illinois.

DEAL STATS #
Overall 6 of 9
Sector (Metals/Mining) 1 of 1
Type (Add-on Acquisition) 6 of 9
State (Wisconsin) 2 of 2
Country (United States) 6 of 9
Year (2022) 4 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-01 Elite

Bloomingdale, Illinois, United States

Elite is a supplier of innovative precision sheet metal components and assemblies that specializes in manufacturing cabinets, consoles, and electro-mechanical assemblies for the electronic gaming industry. The Company also provides components and final or near-final enclosures for a variety of other end markets, including medical, telecommunications, food service, and industrial equipment. Elite was formed in 1991 and is based in Bloomingdale, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-09-20 IDL Precision Machining

Mukilteo, Washington, United States

IDL Precision Machining is an engineering-focused manufacturer of highly complex precision components and assemblies primarily for the aerospace & defense end market. IDL Precision Machining was founded in 1987 and is based in Mukilteo, Washington.

Buy -

Seller(S) 1

SELLER

Watermill Group

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1978
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

The Watermill Group is a private investment firm focused on acquiring/investing in mid-sized businesses operating in traditional industries. Watermill generally looks for US or Canada-based companies which require operating, strategic and capital resources to grow. Sectors of interest include metals, rubber/plastics, paper, packaging, chemicals, food products, value-added distribution, manufacturing, business services, and building products/services. Prospective companies typically generate $35 to $400 million revenues, however Watermill will consider certain smaller businesses as well. Watermill will not invest in fashion businesses, tech companies or industries characterized by short product life cycles or binary outcomes. Watermill was formed in 1978 and is based in Lexington, Massachusetts.

DEAL STATS #
Overall 11 of 11
Sector (Metals/Mining) 2 of 2
Type (Add-on Acquisition) 7 of 7
State (Wisconsin) 1 of 1
Country (United States) 11 of 11
Year (2022) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-04 Weston Forest Products

Mississauga, Ontario, Canada

Weston Forest Products is a distributor and remanufacturer of softwood & hardwood lumber and specialty panel products, serving North America’s industrial and construction sectors. Weston’s remanufacturing and inventory management services help customers create specified crating, packaging, pallets and boxes, and other niche wood products that are essential for the production or shipment of Industrial goods. Weston Forest Products was founded in 1953 and is based in Mississauga, Ontario.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-05-14 Musser Lumber

Rural Retreat, Virginia, United States

Musser Lumber provides hardwood lumber to commercial, industrial, and residential clients. Musser Lumber was founded in 1968 and is based in Rural Retreat, Virginia.

Buy -
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