Summit Tooling and Summit Plastics Acquired by Fathom
The acquisition will enhance Fathom’s domestic injection molding and tooling capabilities, and take Summit’s growth trajectory to the next level.
It was announced on Feb. 3 that CORE Industrial Partners (CORE, Chicago, Illinois), a Chicago-based private equity firm, has acquired Summit Tooling, Inc. and Summit Plastics, Inc. (collectively, “Summit,” McHenry, Illinois), a leading precision tooling and injection molding services provider, by CORE portfolio company Fathom, a digital manufacturing platform. Summit is the fourth add-on acquisition to the Fathom platform following CORE’s initial investment in 2018.
“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,” says Dan Martin, president of Summit. “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.”
Founded in 1996, Summit provides high-quality plastic injection mold design, precision moldmaking and close-tolerance injection molding with a specialty in small-to-medium prototype injection molds. 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 enables the company to process multi-shot tooling, bi-injected tooling and insert overmolding 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.
“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,” says Ryan Martin, Fathom’s CEO. “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.”
Monroe Capital LLC provided financing for the acquisition. Winston & Strawn LLP provided legal representation to CORE and Fathom in the transaction.