LEADERSHIP AND STRATEGY

CORE Industrial Partners Portfolio Company CGI Automated Manufacturing Acquires Richlind Metal Fabricators

CORE Industrial | February 03, 2022

CORE Industrial Partners Portfolio
On February 2, CORE Industrial Partners, a Chicago-based private equity firm, announced the purchase of Richlind Metal Fabricators by CORE portfolio company CGI Automated Manufacturing. Richlind Metal Fabricators provides precision sheet metal fabrication and machining services. Richlind is the third purchase to be added to the CGI platform CORE, which launched in August 2021. In the transaction, CGI and CORE were represented by Winston & Strawn LLP.

Richlind was founded in 1963 and specializes in complicated, close precision components and assemblies for aviation, defense, and space applications. The company’s range of in-house capabilities, including sheet metal fabrication, machining, welding, assembly, engineering, forming, punching, laser and waterjet cutting, and silk-screening, allows Richlind to act as a one-stop-shop from prototyping through production.

Holding ISO9001:2015 and AS9100D certifications and an ITAR registration, the company utilizes a leading quality management system that addresses all stages of manufacturing, beginning with a computerized work order system and incorporating a network of qualified suppliers, production departments, quality inspection, packaging, and shipping, and facilitates the efficient handling of hundreds of jobs simultaneously. Richlind's headquarters are in Chaska, Minnesota, where the company operates out of a 50,000-square-foot building.

 "Our acquisition of Richlind serves as the latest example of CORE’s deep experience partnering with multi-generational family-owned businesses." We believe the company’s highly technical manufacturing capabilities and advanced technologies are an ideal fit, and we look forward to continuing to grow the CGI platform through similar complementary acquisitions. "

-Matthew Puglisi, Partner at CORE

Richlind's President, Mike Lind, said, From the company’s founding nearly 60 years ago to our current position as a best-in-class aerospace and defense precision manufacturing services provider, we’ve built our business through exemplary customer service and investment in leading technology. On behalf of me, my brothers, Dan, Dave, and Chris, and all Richlind employees, we’re looking forward to augmenting these core success factors with additional resources and support in partnership with CGI and CORE.

Spotlight

CNC machining is a manufacturing process in which pre-programmed computer software dictates the movement of factory tools and machinery. The process can be used to control a range of complex machinery, from grinders and lathes to mills and routers. With CNC machining, three-dimensional cutting tasks can be accomplished in a single set of prompts.

Spotlight

CNC machining is a manufacturing process in which pre-programmed computer software dictates the movement of factory tools and machinery. The process can be used to control a range of complex machinery, from grinders and lathes to mills and routers. With CNC machining, three-dimensional cutting tasks can be accomplished in a single set of prompts.

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MANUFACTURING TECHNOLOGY

634AI signs agreement with Musashi Seimitsu to deploy 200 Autonomous Mobile Robots in manufacturing facilities worldwide

Musashi Seimitsu Industry | August 03, 2022

634AI, the Israeli developers of MAESTRO, an AI-enabled control tower for indoor mobility management, and Musashi Seimitsu, a global tier-1 auto part manufacturer, have signed an agreement to deploy 200 Autonomous Mobile Robots (AMRs), powered by MAESTRO, across Musashi Seimitsu's 35 manufacturing facilities worldwide. 634AI's MAESTRO powered AMRs will be used to automate Musashi Seimitsu's intra logistics operation and increase the safety and efficiency of activity on its manufacturing floors. Musashi Seimitsu, a global transmission gear manufacturer, is a major shareholder in 634AI. After two years of testing 634AI's MAESTRO in live manufacturing facilities in Japan, Musashi Seimitsu will be rolling out 634AI's AMRs under the management of MAESTRO over the next four years. 634AI is part of the SixAI family, helping to bring advanced technology and responsible artificial intelligence (AI) into traditional industries. SixAI products are designed to improve productivity and better serve people around the world. Established by Israeli entrepreneur Ran Poliakine, the company solves manufacturing and distribution shortcomings by providing solutions that raise productivity and lowers costs. SixAI introduces technology integration in legacy industries and acquires companies in both local and international markets, mainly in the fields of AI, robotics, green energy, cyber and fintech. SixAI has a strategic partnership with the Japanese corporation Musashi Seimitsu. MAESTRO is 634AI's proprietary AI-powered centralized control tower that enables effective and harmonized indoor operations. MAESTRO offers a constant visual mapping of the entire floor, ensuring hazards and obstacles are recognized and prevented. Alongside 634AI's AMRs, MAESTRO can track raw material movements, provide productivity and utilization data of forklifts as well as provide safety alerts for forklift drivers, and even navigate the movement of heterogeneous AMR fleets. With MAESTRO, Musashi Seimitsu plans to have a more automated intra logistics operation and better coordinated activity, where man-driven forklifts, employees, and robots can operate in sync and with greater safety. Musashi Seimitsu's global presence includes manufacturing facilities in Japan, Germany, US, Canada, India, China, Brazil, Mexico, Hungary, Spain, Thailand, Indonesia and Vietnam. "We have been heavily investing in automation and AI capabilities over the past few years, with a vision to create a more humane workplace where people no longer carry out tedious, repetitive, unrewarding tasks. We believe 634AI's distinct approach for industrial floor management and control allows, for the first time, people and machines to effectively work side by side in a much safer environment. We look forward to a fruitful deployment across our global manufacturing sites." -Isaku Takeshi, Managing Executive Officer of Musashi Seimitsu. Oren Levy, CEO of 634AI, said: MAESTRO's global deployment with Musashi Seimitsu is a major leap forward for our company. It is a mark of trust and confidence in our ability to deliver an effective logistics automation solution in a real, busy industrial environment. Our computer vision-based AMRs powered by a central floor management brain and collaboration with Musashi confirm the distinct advantages of our technology in complex, dynamic industrial environments, and point the way forward for the rest of the industry. About Musashi Seimitsu Industry Co., Ltd: Musashi Seimitsu Industry Co., Ltd. is a global auto parts Tier1 company for automobiles and motorcycles, whose headquarters is located in Toyohashi, Japan. It has 35 manufacturing sites in 14 countries spreading across Europe, North and South America, China, and SouthEast Asia. Musashi specializes in designing, developing and manufacturing powertrain products such as differential assemblies, planetary gear assemblies, transmission gears and assemblies, and reduction gears for xEVs, which are supplied to global major OEMs and Tier 1s. Linkage and suspension products are also strategic products of Musashi. About 634AI: 634AI was founded to enable the greater resilience and business continuity of organizations in an ever-changing world. Our mission is to simplify industrial mobility and allow safer, smarter operations – for everyone, everywhere. The company developed MAESTRO, a Computer Vision and AI-powered control tower that streamlines management of anything mobile on an industrial floor. MAESTRO gives superpowers to the most ordinary industrial space. Its semantic analytics, generated from a panoptic view of the floor, enables customers a fully coordinated operation of anything mobile – be it track and trace movements of goods and equipment, real time safety alerts for man driven vehicles, or navigating fleets of generic autonomous mobile robotic platforms, all through a unified and flexible modular system, with greater safety, at an affordable price. About SixAI: SixAI, which was established by the entrepreneur Ran Poliakine, is engaged in making Israeli and international technologies accessible to the world of traditional industry, with a focus on AI technologies. The company identifies problems in the world of industry and provides them with technological solutions through development, integration and acquisition of companies in the local and international market, mainly in the fields of artificial intelligence (AI), robotics, green energy, cyber and fintech. The company has a strategic partnership with the Japanese corporation Musashi Seimitsu. In addition, the company has signed an exclusive agreement with the Israeli Aerospace Industries (IAI) - to establish a joint corporation whose goal is to locate military technologies and convert them to civilian uses, as independent start-up companies. The company's offices are located in the technology incubator established by Ran Poliakine in Neve Ilan, Israel.

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MANUFACTURING TECHNOLOGY

Borrego Signs Agreement with Gotion High-Tech to Supply Energy Storage Equipment for Utility-Scale Projects

Gotion High-Tech | September 16, 2022

Borrego, a leading EPC and O&M provider for large-scale solar and energy storage projects throughout the United States, announced today that it has entered into a master supply agreement (MSA) with Gotion High-Tech, one of the world's leading battery and energy storage system manufacturers. The supply deal will provide Borrego with gigawatt-hours of secure, fixed-price volume capacity of Gotion's DC block storage equipment, which will be available for customer delivery starting in 2023. Gotion is a global tier-one vertically integrated stationary and EV battery and storage system manufacturer, with multi-gigawatt-hour production capacities. The company's product line includes both liquid- and air-cooled UL-certified modular storage solutions featuring advanced lithium-iron phosphate (LFP) battery technology. Gotion's U.S. headquarters and R&D facility are in Silicon Valley, and it has more than 100 megawatt-hours of storage systems installed in a variety of applications across the country. "This MSA with a prestigious brand like Gotion helps Borrego continue to grow its supply of energy storage equipment from top-tier manufacturers, We have a multi-gigawatt-hour vendor pipeline of storage products at fixed pricing available for utility and distributed generation projects requiring delivery in 2023-2025. This locked-in capacity will help our customers avoid expected supply chain constraints when the Inflation Reduction Act kicks in." -John duPont, vice president of business development and operations at Borrego. Gotion is looking to expand both its energy storage and U.S. market footprints, and finding a trusted partner like Borrego will help us achieve our goals, said Vikash Venkataramana, vice president of energy storage systems at Gotion. We look forward to building a long-term relationship with Borrego as both companies play major roles in accelerating the clean energy transition. U.S. energy storage deployments are forecast to surge to 600 GWh by 2031, according to Wood Mackenzie's recent Global Energy Storage Outlook. Average annual installations of stand-alone and solar-plus-storage systems are expected to reach 54 GWh through 2031. About Borrego: Borrego, a leading EPC and O&M provider, accelerates the delivery and ensures the proper maintenance of large-scale solar and energy storage projects in the US. Borrego has a track record of superior performance in the hundreds of large solar and energy storage projects it has designed, built, and currently maintains nationwide. Established in 1980, it has regional offices in California, Massachusetts, and New York with a nationwide footprint. Borrego creates value by helping partners make better decisions at critical points in every project's life. Its team brings deep technical expertise to its mission of solving the world's energy problems. About Gotion High-Tech: Gotion High-Tech is one of the world's leading battery manufacturers with global R&D and multi-gigawatt-hour production capabilities. Gotion has a fully integrated supply chain from sourcing lithium to building complete energy storage solutions. With global factories and backing from majority shareholder Volkswagen, Gotion is expanding manufacturing with planned production facilities in the U.S. Gotion has R&D and product development teams in the U.S, to support its EV and energy storage system (ESS) business. Gotion's range of products for ESS includes battery cells, packs, racks and containerized turnkey AC/DC ESS solutions.

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MANUFACTURING TECHNOLOGY,DIGITAL TRANSFORMATION

Cepton Partners with Fabrinet to Deliver Flagship Automotive Lidar Program

Cepton | July 21, 2022

Cepton, Inc. (“Cepton” or the “Company”) (Nasdaq: CPTN), a Silicon Valley innovator and leader in high-performance MMT® lidar solutions, today announced that it has selected Fabrinet (NYSE: FN), a leading provider of advanced precision optical and electronic manufacturing services, for the production of its Vista®-X90 lidar, which will be deployed in the industry’s largest ADAS lidar series production program. Cepton selected Fabrinet for its deep expertise in advanced optical packaging and precision optical, electro-mechanical and electronic manufacturing services for the production of high-performance, proprietary assemblies of its Vista-X90 lidars. Trusted by the world’s most demanding OEMs, Fabrinet is known for its delivery of high-quality complex optical, mechanical and electrical assemblies for optical communications and automotive applications. A strategic move, the partnership furthers Cepton’s goal of making lidar an essential and standard auto part in everyday consumer vehicles. The Vista-X90 lidar features Cepton’s patented MMT (Micro Motion Technology), a highly efficient lidar imaging mechanism that enables long-range and high-resolution 3D imaging through a unique, dense scan pattern. Free of rotation, mirror and friction, MMT was specifically designed to address the need of the automotive industry for scalable lidar solutions that achieve the right balance between performance, reliability and cost. In addition to MMT, Vista-X90 also packages Cepton’s proprietary lidar engine ASICs, designed for optimal illumination control, detection and signal processing. Utilizing Fabrinet’s expertise in high-volume optical and opto-electrical manufacturing, Cepton will be able to deliver high-quality and cost-effective assemblies to ramp up production and achieve scalable growth. “At Cepton, our goal is to be the world’s go-to supplier of automotive lidar solutions, and working with an OEM-trusted and validated manufacturing partner is a crucial part of that effort, Fabrinet has earned a strong reputation within the automotive industry with its excellent service and precision-manufacturing expertise. We are excited to work with Fabrinet to accelerate the production of our Vista-X90 lidar, as the partnership is a crucial step towards getting our lidars into an unprecedented volume of automobiles through our flagship ADAS lidar program.” -Dr. Jun Pei, Co-founder and CEO of Cepton. We are excited that Cepton has chosen Fabrinet to manufacture their flagship lidar program, said Seamus Grady, CEO at Fabrinet. With our advanced manufacturing capabilities and significant expertise, Fabrinet is well-positioned to support Cepton in ramping production of their ADAS lidar program. We look forward to our continued partnership with Cepton in pursuit of their long-term ambitions. About Cepton, Inc: Cepton is a Silicon Valley innovator of lidar-based solutions for automotive (ADAS/AV), smart cities, smart spaces and smart industrial applications. With its patented Micro Motion Technology (MMT®), Cepton aims to take lidar mainstream and achieve a balanced approach to performance, cost and reliability, while enabling scalable and intelligent 3D perception solutions across industries. Cepton has been awarded the largest known ADAS lidar series production award in the industry to date, based on the number of vehicle models awarded, to support General Motors’ Ultra Cruise program. Cepton is also engaged with all other Top 10 global OEMs. Founded in 2016 and led by industry veterans with decades of collective experience across a wide range of advanced lidar and imaging technologies, Cepton is focused on the mass market commercialization of high performance, high quality lidar solutions. Cepton is headquartered in San Jose, CA and has a center of excellence facility in Troy, MI to provide local support to automotive customers in the Metro Detroit area. Cepton also has a presence in Germany, Canada, Japan, India and China to serve a fast-growing global customer base. About Fabrinet: Fabrinet is a leading provider of advanced optical packaging and precision optical, electro-mechanical, and electronic manufacturing services to original equipment manufacturers of complex products, such as optical communication components, modules and subsystems, automotive components, medical devices, industrial lasers and sensors. Fabrinet offers a broad range of advanced optical and electro-mechanical capabilities across the entire manufacturing process, including process design and engineering, supply chain management, manufacturing, advanced packaging, integration, final assembly and testing. Fabrinet focuses on production of high complexity products in any mix and any volume. Fabrinet maintains engineering and manufacturing resources and facilities in Thailand, the United States of America, the People’s Republic of China, Israel and the United Kingdom.

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