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February 14, 2023

Private equity firm acquires Waterbury business

Contributed Deep-drawn metal components produced by GEM Manufacturing in Waterbury.
By Andrew Larson

A Waterbury-based company, GEM Manufacturing, has been acquired by a private equity firm in Chicago.

GEM Manufacturing, founded in 1950, produces deep-drawn metal components and mechanical assemblies.

GEM is the fifth investment in CORE Industrial Partners Fund II, a $465 million fund closed in February 2021.

“Our acquisition of GEM serves as the latest example of our focus on partnering with founder, family and entrepreneur-owned businesses in proactively identified thematic verticals with attractive investment dynamics,” said John May, managing partner of CORE. “We believe we can leverage our deep precision manufacturing experience to help expedite the company’s next stage of growth.”

GEM works with aluminum, copper, brass, stainless and carbon steel, Inconel and Monel, among other metals, to produce components used in electric vehicles, mining, aerospace and defense, and industrial uses.

GEM operates three facilities covering nearly 100,000 square feet and has a location in Binh Duong, Vietnam.

CORE Industrial Partners is a private equity firm with $700 million of capital commitments in North American lower middle-market manufacturing, industrial technology and industrial services businesses. 

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