December 23, 2020

CHICAGO—The private equity firm CORE Industrial Partners reported that its portfolio company, Incodema Holdings, LLC, has acquired Majestic Metals, LLC, a Denver, Colorado-based provider of precision sheet metal fabrication services. Founded in 1979, Majestic Metals offers in-house capabilities that include design and engineering support, laser cutting, punching, forming, welding, assembly, and finishing, CORE Industrial Partners said in a release.

Incodema Holdings ( provides sheet metal cutting and forming services across numerous end markets, including electronics, aerospace and defense, medical and industrials, among others. Its cutting and forming services include laser, micro waterjet, specialty stamping, multi-slide, welding, and photochemical etching. The ISO 9001-certified, ITAR-compliant company is headquartered in Ithaca, New York, and has an additional facility in Newark, New York.

Majestic Metals ( will combine with Incodema, Newcut, and recently acquired Dahlquist Machine to form what CORE Industrial Partners called a “leading nationwide precision manufacturing services provider aligned with Industry 4.0 trends for on-demand production across sheet metal fabrication, CNC machining, and photochemical etching.” The combined entity offers on-demand manufacturing and finishing capabilities for customers in such end markets as medical, electronics, aerospace and defense, and industrial, among others.

“Majestic Metals has developed a strong reputation as a highly experienced manufacturer with the ability to serve as a thought and design partner, utilizing in-depth industry knowledge to support both the product development and production needs of its customers,” said CORE Partner Matthew Puglisi, in the release. “We’re pleased to add Majestic Metals to Incodema and will continue to pursue highly complementary acquisitions to build out our nationwide platform.”

Majestic Metal’s end-to-end services and heavy investments in automation and “lights out” manufacturing are said to facilitate quick turnaround times for low-to-mid volume, complex precision sheet metal components. The company serves diversified end markets, including the analytical instruments, medical, aerospace and defense, electronics, and industrial sectors.

“On behalf of my brothers, Dave and Doug, and the full Majestic Metals team, we’re excited to partner with CORE and Incodema,” said Chip Roberts, president of Majestic Metals, in the release. “For more than 40 years, Majestic Metals has established its position as a customer-focused provider of premium sheet metal products and engineering services. We believe the partnership with Incodema and support from CORE will provide the combined platform, considerable scale, and the resources necessary to enhance our product offering to our existing customers, as well as attract prospective clients.”

Carey Chen, CEO of Incodema, called Majestic Metals “a natural fit” for Incodema.

“They have similar precision metal fabrication capabilities, including cutting, forming, and welding, but at a larger part scale,” Chen said in the release. “Furthermore, Majestic Metals brings incremental abilities to the group, including state-of-the-art automation, powder coating, and screen printing. I look forward to working closely with the Roberts brothers and the Majestic Metals team in the future.”

CORE Industrial Partners ( is a Chicago-based private equity firm that invests in North American lower middle-market manufacturing and industrial technology businesses.

Winston & Strawn LLP provided legal representation to CORE and Incodema in the transaction. Class VI Partners acted as exclusive financial advisor to Majestic Metals in connection with this transaction.

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