Chicago-based private-equity firm Core Industrial Partners announced today the acquisition of Summit Tooling Inc. and Summit Plastics Inc. by its portfolio company Fathom. The precision tooling and injection molding supplier is the fourth add-on acquisition to the Fathom platform since Core made its initial investment in 2018.
Founded in 1996, Summit provides plastic injection mold design, precision mold making, and close-tolerance injection molding with a specialty in small to medium prototype injection molds. Summit primarily serves long-tenured customers in the medical and packaging end markets with its fleet of more than 30 machines, said Core's announcement.
In-house metalworking capabilities include engineering design, sheet metal shearing, punching and bending, roll forming, hardware integration, welding, grinding, polishing, painting, and assembly. Summit’s thermoplastics engineering expertise allows the company to process multi-shot and bi-injected tooling and perform insert overmolding. Pad printing, hot stamping, ultrasonic welding, and assembly are also offered by the company, which operates a 26,000-square-foot facility northwest of Chicago in McHenry, IL.
“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 a prepared statement. “We’re excited to work with the Summit team to explore opportunities to even better serve its customers through Fathom’s comprehensive digital manufacturing platform while also providing Fathom’s existing customer base expanded domestic quick-turn precision tooling and molding capabilities,” added Martin.
“Summit’s leading customer base includes some of the largest and most recognizable players in the medical and packaging spaces,” said Matthew Puglisi, Partner of Core. “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.”
Dan Martin, President of Summit, commented: “Since my wife, Michelle, and I founded Summit 25 years ago, we’ve been committed to providing outstanding quality and customer service to build the business into a leader in the design, engineering, and construction of molds and molded components. 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.”
Monroe Capital LLC provided financing for the acquisition. Winston & Strawn LLP provided legal representation to Core and Fathom in the transaction.