Chicago-based private equity firm Core Industrial Partners has acquired Summit Tooling, Inc. and Summit Plastics Inc. of McHenry, Ill., for its portfolio company Fathom.
Fathom provides on-demand manufacturing with more than 100 industrial-grade 3D printing machines in its national footprint.
Founded in 1996, Summit serves long-time customers in the medical and packaging markets with mold making and close-tolerance injection molding.
Summit operates a 26,000-square-foot facility with than 30 machines and specializes in small-to-medium prototype injection molds, according to a news release about the transaction.
Founded about 35 years ago, Fathom has more than 200,000 square feet of manufacturing capacity across five facilities. The Summit deal is its fourth add-on acquisition since 2018.
Terms weren’t disclosed.
Summit President Dan Martin said he and his wife, Michelle, founded the company 25 years ago.
“We’ve now reached an inflection point in our growth trajectory, and we believe Fathom is the perfect fit in terms of both culture and customer value proposition to help take Summit to the next level,” Dan Martin said in the release.
The deal gives Fathom an opportunity to offer Summit customers its digital manufacturing platform while providing Fathom’s existing customer base another domestic option for quick-turn precision tooling and molding.
“Summit’s focus on customers during the design, prototyping and low-volume production stages of a product’s life cycle perfectly aligns with Fathom’s unique customer value proposition,” Fathom CEO Ryan Martin said in news release.
Summit’s in-house metalworking capabilities include engineering design, sheet metal shearing, punching and bending, roll forming, hardware integration, welding, grinding, polishing, painting and assembly.
In addition, Summit has capabilities to process multi-shot tooling, bi-injected tooling and insert overmolding in addition to pad printing, hot stamping, ultrasonic welding and assembly.
Matthew Puglisi, a Core partner, said the firm is looking to grow again.
“This acquisition significantly enhances Fathom’s domestic injection molding and tooling capabilities, and we’ll continue to actively pursue acquisitions, similar to Summit, that simultaneously broaden our customer base, enhance our service offering and deepen our presence in attractive, recession-resistant end markets,” Puglisi said.
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