Proto Labs Reaches Agreement to Acquire RAPID, Expands Services with Sheet Metal Fabrication
21 Novembro 2017 - 12:30PM
Business Wire
Proto Labs (NYSE: PRLB), a global leader in technology-enabled
manufacturing, has entered into a definitive agreement to acquire
privately held company Rapid Manufacturing Group, LLC (“RAPID”).
RAPID is a New Hampshire-based custom parts supplier specializing
in quick-turn sheet metal fabrication and CNC machining. With the
acquisition, Proto Labs will be able to offer its customers another
quick-turn manufacturing service while expanding its CNC machining
capabilities.
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With the acquisition of RAPID, Proto Labs
expands its manufacturing services to include low-volume sheet
metal fabrication. (Photo: Proto Labs)
“Quick-turn prototyping and low-volume manufacturing have always
been at the core of RAPID, and this foundation makes us a natural
fit with Proto Labs’ digital model,” said Jay Jacobs, founder of
RAPID. “I’m excited about the opportunities our combined
manufacturing services will provide for our customers who will now
have a single source for a variety of manufacturing services,
including injection molding and 3D printing.”
RAPID was founded in 2001 on the idea of using automation to
provide custom sheet metal parts faster than traditional methods—a
story that closely parallels Proto Labs’ own. Over the next 16
years, RAPID steadily grew its manufacturing operation in terms of
both capabilities and scale, including the addition of CNC
machining, and now operates in 140,000 sq. ft. of manufacturing
space. The company currently employs approximately 300 people, and
will expand Proto Labs’ team to more than 2,000 employees
worldwide.
This expansion of Proto Labs’ services and capabilities
reinforces its promise to customers to continue to seek ways to
further optimize product development and improve supply chain
efficiencies through a variety of digital manufacturing
methods.
“We listen to our customers very closely to understand their
needs,” explained Vicki Holt, Chief Executive Officer of Proto
Labs. “We continue to look for opportunities to expand our
capabilities to serve our existing customers and to expand our
customer base. RAPID not only adds quick-turn and
e-commerce-enabled sheet metal services to our portfolio, it also
expands our machining capabilities to support larger and more
complex projects. In addition, RAPID’s culture is highly aligned
with that of Proto Labs, with a talented and experienced team that
we are very excited to welcome to the Proto Labs family.”
Under the terms of the agreement, Proto Labs will acquire RAPID
for an aggregate purchase price of $120 million consisting of $110
million in cash and $10 million in Proto Labs stock. RAPID’s 2017
annual revenue is forecasted to be approximately $45 million. The
transaction is expected to close by the end of the year, subject to
customary closing conditions.
Proto Labs will be hosting an analyst day on Tuesday, Dec. 12,
where presentations will be given by Holt and members of Proto
Labs’ leadership team discussing the company’s business strategies
and growth opportunities including the acquisition of Rapid
Manufacturing. A live webcast of the event will be available on the
Proto Labs investor relations page at protolabs.com beginning at 10
a.m. EST on Tuesday, Dec. 12. A replay of the webcast will be
available shortly after the event.
About RAPIDRAPID is a quick-turn manufacturer of sheet
metal and CNC machined parts. The company has built a reputation of
providing customers quotes within a day, and delivering prototype
and low-volume production parts to customers fast. Since it opened
its doors in Nashua, NH in 2001, the company has grown to over 300
employees with three manufacturing facilities. Visit
rapidmanufacturing.com for more information.
About Proto LabsProto Labs is the world's fastest digital
manufacturing source for rapid prototyping and on-demand
production. The technology-enabled company produces custom parts
and assemblies in as fast as 1 day with automated 3D printing, CNC
machining, sheet metal fabrication, and injection molding
processes. Its digital approach to manufacturing enables
accelerated time to market, reduces development and production
costs, and minimizes risk throughout the product life cycle. Visit
protolabs.com for more information.
Forward-Looking StatementsStatements contained in this
press release regarding matters that are not historical or current
facts are “forward-looking statements” within the meaning of The
Private Securities Litigation Reform Act of 1995. These statements
involve known and unknown risks, uncertainties and other factors
which may cause the results of Proto Labs to be materially
different than those expressed or implied in such statements.
Certain of these risk factors and others are described in the “Risk
Factors” section within reports filed with the SEC. In addition to
statements that explicitly describe such risks and uncertainties,
readers are urged to consider statements in the conditional or
future tenses or include terms such as “approximately,” “estimate,”
“expected,” “plan,” “believe,” and variations of such words or
similar expressions are intended to identify forward-looking
statements
These forward-looking statements are based upon the expectations
of management under current assumptions at the time of the press
release. Proto Labs cannot guarantee future results, levels of
activity, performance or achievements. Accordingly, you should not
place undue reliance on these forward-looking statements. Finally,
Proto Labs expressly disclaims any intent or obligation to update
any forward-looking statements to reflect subsequent events or
circumstances.
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version on businesswire.com: http://www.businesswire.com/news/home/20171121005326/en/
Investor Relations Contact:Proto LabsDan
Schumacher, 763-479-7240Director of Investor
Relationsdaniel.schumacher@protolabs.comorMedia
Contact:Padilla for Proto LabsTim Nelson,
612-455-1789Tim.Nelson@PadillaCo.com
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