Core Industrial Partners Affiliate Acquires Dahlquist Machine

22 December 2020

CORE Industrial Partners (“CORE”), a Chicago-based private equity firm, announced today the acquisition of Dahlquist Machine, Inc. (“Dahlquist Machine” or the “Company”), a provider of precision machined components primarily for the medical and instrumentation end markets, by an affiliate of CORE, Incodema Holdings LLC (“Incodema”).

Founded in 1969 and headquartered north of Minneapolis in Ham Lake, Minnesota, Dahlquist Machine specializes in high-speed precision machining of light metal, aluminum and plastic products for a customer base largely comprised of established medical device and laboratory testing equipment OEMs. In addition to medical, Dahlquist Machine also serves the electronics, instrumental and industrials end markets with a suite of more than 30 modern CNC mills and lathes. The Company is ISO9001 compliant.

John May, Managing Partner of CORE, said, “Dahlquist Machine is readily identified by its customers as a premium and often sole source supplier for high-mix CNC machining services across countless product platforms. In addition to the utmost attention to quality control, the Company has a superior record of on-time delivery over the past three decades. We view Dahlquist Machine as the foundation of a broader precision machining business for the Incodema platform, and we are eager to work with Jeff and the entire Dahlquist Machine team.”

Jeff Dahlquist, President of Dahlquist Machine, said, “On behalf of all Dahlquist Machine employees, we’re excited to begin this new partnership. Five of our original employees from the early 1990’s remain with the business, and I’m looking forward to partnering with a firm such as CORE who will not only provide the resources and expertise to continue our growth trajectory, but also respect the culture and legacy of our company.”

Winston & Strawn LLP provided legal representation to CORE in the transaction. The Peakstone Group acted as exclusive financial advisor to Dahlquist Machine in connection with this transaction.


CORE Industrial Partners is a Chicago-based private equity firm investing in North American lower middle-market manufacturing and industrial technology businesses. CORE’s team is comprised of highly experienced former CEOs and investment professionals with shared beliefs, deep experience, and a proven track record of building market-leading businesses. Through our capital, insight, and operational expertise, CORE partners with management teams and strives to build best-in-class companies with lasting results. For more information, visit


Founded in 1969, Dahlquist Machine is a high-speed provider of light metal, aluminum and plastic precision machined components primarily for the medical and instrumentation end markets. Headquartered north of Minneapolis, Dahlquist Machine is ISO9001 compliant and operates over 30 CNC mills and lathes. For more information, visit


Incodema Holdings LLC (“Incodema”) is a leading provider of sheet metal cutting and forming solutions, including laser, micro waterjet, specialty stamping, multislide, welding and photochemical etching across numerous end markets, including electronics, aerospace and defense, medical and industrials, among others. Headquartered in Ithaca, New York, with an additional state-of-the-art facility in Newark, New York, Incodema holds certifications and compliance designations including AS9100 Rev. D, ISO 9001 and ITAR. To learn more, visit

Jeremy Milner
BackBay Communications