CORE Industrial Partners, LLC ( “CORE,” or the “Firm”), a Delaware limited liability company, is a private
equity firm investing in lower middle market manufacturing, industrial technology, and industrial service
companies based in North America with offices in Chicago, Austin, and Cleveland.
CORE typically seeks to be the first institutional capital in its investments and utilizes its proprietary
sourcing engine to generate a robust pipeline through both direct and intermediary-based channels. The
Firm has the experience and skillset to invest in distressed, special situation, corporate carve-outs, and deep
value buy and build opportunities, and seeks to deliver superior risk-adjusted returns by leveraging the
Firm’s operational and investment backgrounds to apply the CORE Operating Playbook to drive operational
and financial improvements in its portfolio companies.
The Firm was founded in April 2017 and is led by Managing Partner John May, as well as Senior Partners
Frank Papa, TJ Chung, Partner Matthew Puglisi and Jason Fulton (collectively, the “Investment Partners”),
who have extensive operational and investment experience. The Investment Partners have collectively held
18 Chief Executive Officer (“CEO”) and/or President roles for companies owned by private equity
sponsors, bringing Fortune 500 capabilities to the Firm’s lower middle market (“LMM”) portfolio, and have
been involved in more than 100 transactions over the course of their careers.
The Investment Partners are supported by an experienced group of operating advisors (“Operating
Advisors”) and members of the Centers of Excellence, each with a broad range of industrials and functional
experience who assist in deal origination, investment analysis, due diligence, strategy development and
portfolio company management. The Operating Advisors are a select group of veteran industry executives,
all of whom have strong relationships with the CORE team and are committed to the Firm’s Operating
Playbook.
CORE has also formed a relying adviser, CORE Industrial Partners Management LP (the “Relying
Adviser”), to provide investment advisory services to certain of the funds. The Relying Adviser serves as
an investment adviser for and provides discretionary investment advisory services to the following private
funds: CORE Industrial Partners Fund I, L.P. and CORE Industrial Partners Fund I Parallel, L.P.
(collectively, “Fund I”); CORE Industrial Partners Fund II, L.P. and CORE Industrial Partners Fund II
Parallel, L.P. (collectively, “Fund II”); CORE Industrial Partners Fund III, L.P. and CORE Industrial
Partners Fund III Parallel, L.P. (collectively, “Fund III”); and CORE Industrial Services Fund I, L.P. and
CORE Industrial Services Fund I Parallel, L.P. (collectively, “Services Fund I” and together with Fund I,
Fund II and Fund III, the “Funds”). In certain circumstances, as more fully described in Item 7 below, the
Firm also permits certain investors and third parties to co-invest alongside a Fund directly into a portfolio
company. Such direct co-investments are not considered Funds or clients of CORE. Similarly, CORE also
permits employees and affiliates of the Firm to invest alongside a Fund in affiliate co-investment vehicles.
Such affiliate co-investment vehicles are not considered Funds or clients of CORE.
Each Fund is controlled by a general partner (a “General Partner”) which has the authority to make
investment decisions on behalf of the Funds. CORE Industrial Partners GP I, LLC serves as the General
Partner for Fund I, CORE Industrial Partners GP II, L.P. serves as the General Partner for Fund II, CORE
Industrial Partners GP III, L.P. serves as the General Partner for Fund III and CORE Industrial Services GP
I, L.P. serves as the General Partner for Services Fund I. Pursuant to SEC guidance, the General Partners
are deemed registered under the Investment Advisers Act of 1940, as amended (the “Advisers Act”)
pursuant to CORE’s registration. The applicable General Partner of each Fund retains investment discretion
and investors in the Funds do not participate in the control or management of the Funds. While the General
Partners maintain ultimate authority over the Funds, the Relying Adviser has been designated the role of
investment adviser. This Brochure describes the advisory services provided by CORE as the filing adviser,
the Relying Adviser and the General Partners. For more information about the Funds, General Partners and
Relying Adviser, please see CORE’s Form ADV Part 1, Schedule D, Section 7.A., Section 7.B.(1) and
Schedule R.
The Funds invest through privately negotiated transactions in operating companies, generally referred to as
“portfolio companies”, in the manufacturing industrial technologies and industrial services industries. Each
portfolio company has its own independent management team responsible for managing its day-to-day
operations, although the Investment Partners, other personnel and/or Operating Advisors appointed by
CORE will generally serve on such portfolio companies’ respective boards of directors or otherwise act to
influence control over management of portfolio companies held by the Funds. In addition, in some cases,
CORE will more directly influence the day-to-day management of a company by recruiting and installing
certain individuals in various leadership roles, such as chief executive officer, chief operating officer, chief
financial officer or in other roles. CORE’s investment advisory services to the Funds consist of identifying
and evaluating investment opportunities, negotiating the terms of investment, managing and monitoring
investments and achieving dispositions of such investments. Investments are made predominantly in non-
public companies although investments in public companies are permitted in certain instances. Specifically,
a Fund I portfolio company has been acquired by a public company as part of a reverse merger with a special
purpose acquisition company (“SPAC”).
Investment advice is provided directly to the Funds and not to the individual investors in the Funds. CORE
manages the Funds in accordance with the investment objectives and limitations set forth in and governed
by each Fund’s offering memoranda, limited partnership agreement or other governing documents,
subscription agreements, side letters and any investment management agreement between CORE and each
Fund (together, “Operative Documents”) and investors determine the suitability of an investment in a Fund
based on, among other things, the Operative Documents. The advice provided by CORE and its employees
is limited to the types of investments described in the aforementioned Operative Documents.
In accordance with common industry practice, the Funds, the General Partners and/or CORE have entered
into side letters or other similar agreements with certain investors that have the effect of altering or
supplementing the terms of a Fund’s Operative Documents. Examples of side letter agreements entered
into include, without limitation, fee arrangements, provisions whereby investors have expressed an interest
in participating in co-investment opportunities, co-investment rights (with regard to Fund I and only in the
event a co-investment opportunity is made available), notification provisions, advisory board
representation, reporting requirements and “most favored nations” provisions. These rights, benefits or
privileges are not always made available to all investors, consistent with the Operative Documents and
general market practice. Commencing in September 2024, CORE will make required disclosure of certain
side letters to all investors (and in certain cases, to prospective investors) in accordance with the new Private
Fund Rule. Side letters are negotiated at the time of the relevant investor’s capital commitment, and once
invested in a Fund, investors generally cannot impose additional investment guidelines or restrictions on
such Fund. There can be no assurance that the side letter rights granted to one or more investors will not in
certain cases disadvantage other investors.
CORE does not participate in wrap fee programs.
As of December 31, 2023, CORE managed approximately $1,999,144,093 of regulatory assets on a
discretionary basis. CORE does not manage any investments on a non-discretionary basis.