Navidar Advises Proto Labs in Its Acquisition of Rapid Manufacturing
Navidar | November 28, 2017
AUSTIN, TX – Navidar is pleased to announce that our client, 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.
Proto 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.
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.
“Navidar fills an important investment banking need by delivering the sophisticated M&A advisory skills of a global investment bank but the willingness to work on strategic transactions that are below the target size of the global banks,” said John Way, Chief Financial Officer.
“We are delighted to have represented Proto Labs on this strategic acquisition. Companies like Proto Labs, based in Minneapolis and who operate at the intersection of manufacturing and technology, are a strategic focus for Navidar’s investment banking division,” said Stephen Day, Co-Founder and Managing Director.
Navidar Holdco LLC, with a presence in Austin, Atlanta, Cleveland, Dallas, Denver, Indianapolis, Minneapolis and San Antonio, is an investment banking firm that provides businesses and investors in dynamic industries with strategic merger and acquisition advice, capital raising solutions and corporate advisory services. The firm focuses on SaaS software, eCommerce & Internet, IT and engineering services, specialty manufacturing, and health care information technology companies. Navidar principals have completed more than 300 transactions representing transaction volume of nearly $70 billion in M&A and capital raising, for both private and public companies, over the past 20 years. Navidar Group LLC, a wholly owned subsidiary, is a broker-dealer that is registered with FINRA and SIPC. To learn more about Navidar, please visit www.navidar.com.