Fathom, a portfolio company of private equity firm CORE Industrial Partners (CORE), has acquired Summit Tooling, and Summit Plastics (collectively Summit), a precision tooling and injection moulding services provider, by CORE portfolio company Fathom.
Summit is the fourth add-on acquisition to the Fathom platform following CORE’s initial investment in 2018.
Founded in 1996, Summit provides high-quality plastic injection mould design, precision mould-making and close-tolerance injection moulding with a specialty in small-to-medium prototype injection moulds.
Utilizing a fleet of more than 30 machines, Summit primarily serves long-tenured customers in the medical and packaging end markets.
The Company’s in-house metalworking capabilities include engineering design, sheet metal shearing, punching and bending, roll forming, hardware integration, welding, grinding, polishing, painting and assembly. Further, Summit’s thermoplastics engineering expertise allows the Company to process multi-shot tooling, bi-injected tooling and insert over-moulding in addition to offering pad printing, hot stamping, ultrasonic welding and assembly. Headquartered northwest of Chicago in McHenry, Illinois, the Company operates a 26,000 square foot facility.
Ryan Martin, Chief Executive Officer of Fathom, says: “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. 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 moulding capabilities.”
Matthew Puglisi, Partner of CORE, says: “Summit’s leading customer base includes some of the largest and most recognisable players in the medical and packaging spaces. This acquisition significantly enhances Fathom’s domestic injection moulding 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, says: “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 moulds and moulded 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.