Proto Labs to acquire Rapid
November 27, 2017 by Manufacturing AUTOMATION
Nov. 27, 2017 – Proto Labs has entered into a definitive agreement to acquire Rapid Manufacturing Group, 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.
“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. Over the next 16 years, the company grew its manufacturing operation in terms of both capabilities and scale, including the addition of CNC machining, and now operates in 140,000 square feet of manufacturing space.
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. The transaction is expected to close by the end of the year, subject to customary closing conditions.