Watermill Group has sold Tenere to CGI Manufacturing Holdings, a portfolio company of CORE Industrial Partners


Headquartered in Dresser, Wisconsin, Tenere Inc. is a market-leading provider of custom mechanical solutions serving innovative customers in the information and communications technology and renewable energy markets, including cloud and edge, network, compute and storage infrastructure, fiber and 5G. Tenere provides a complete manufacturing solution for innovative and complex product lines by delivering on speed, flexibility, scalability and technical expertise.

Tenere’s suite of value-added services and manufacturing capabilities includes prototyping, design for manufacturability, tooling, sheet metal fabrication and stamping, injection molding, assembly, integration, testing and supply chain. The company works closely with hyperscalers and high-growth technology original equipment manufacturers (OEMs), providing customization at scale by leveraging decades of technical expertise and the latest in manufacturing automation and robotics. Tenere’s strategic geographic footprint in North America, including a new state-of-the-art facility in Monterrey, Mexico, offers nimble supply chain solutions. For more information, please visit www.tenere.com.

The Deal

Lincoln International, through its global reach, facilitated a sale process that attracted attention and interest from strategic and financial buyers globally. Lincoln leveraged its data center expertise to articulate the Tenere story and its future to the marketplace. CGI Manufacturing was attracted to Tenere’s compelling customer value proposition and services, strategic North American footprint, exceptional leadership team and strong growth trajectory.

Our Perspective

Brian Goodwin, Managing Director in Lincoln’s Industrials Group, commented, “Strategic and financial buyers, particularly in the industrial technology sector, have significant interest in acquiring market-leading manufacturing companies serving the data center market due to significant growth trends. As a differentiated North American-based supplier of custom mechanical solutions, including enclosures, racks, chassis and other related solutions, to hyperscalers, networking equipment OEMs and renewable energy customers, Tenere was highly sought after in the marketplace. We expect meaningful future mergers and acquisitions (M&A) activity in this sector as increasing data needs, higher levels of customization, technological innovation and infrastructure investment in North America continue to support strong growth.”

CGI Manufacturing Holdings

CGI Manufacturing Holdings is a leading provider of complex sheet metal and machined production parts, assemblies and weldments for a variety of end markets, including electrical transmission and distribution, warehouse automation, technology, aerospace and defense, medical, food and industrials. With locations in Illinois, Wisconsin, Minnesota, Michigan, Indiana, Massachusetts and Oklahoma, CGI offers numerous in-house manufacturing capabilities, including laser cutting, sheet metal fabrication, complex assembly, computer numerical control (CNC) punching, CNC machining, forming, robotic welding, stamping, fastener insertion, and tool and die manufacturing, to effectively serve customers with lights-out manufacturing capabilities for mid- to high-volume production. For more information, please visit www.cgiautomatedmanufacturing.com.

Connect with a Senior Team Member
Lincoln’s advice throughout the sale process was insightful, meticulous and collaborative. Their deep knowledge and expertise in M&A led to a terrific outcome for all parties.
Brian Steel
Chief Executive Officer of Tenere

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Any information or testimonials contained in this post may not be representative of the experience of other clients and is no guarantee of future performance or success.