NASHUA, NH – Proto Labs, a Minnesota-based tech manufacturing company, has agreed to acquire Rapid Manufacturing Group, LLC (RAPID). RAPID is a New Hampshire-based custom parts supplier, specializing in quick-turn sheet metal fabrication and CNC machining.
“RAPID operates in 140,000 square feet of space and has more than 300 employees in the Nashua area. There are no workforce reduction plans as part of this acquisition – and RAPID will continue to operate in Nashua under the Proto Labs name,” said Tim Nelson, spokesman for Proto Labs.
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.
“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.
The acquisition will expand Proto Labs’ team to more than 2,000 employees worldwide.
Proto Labs will be hosting an analyst day on Tuesday, December 12, where presentations will be given by Vicki Holt, Chief Executive Officer of Proto Labs, and members of Proto Labs’ leadership team discussing the company’s business strategies and growth opportunities, including the acquisition of RAPID. A live webcast of the event will be available on the Proto Labs investor relations page at www.protolabs.com, beginning at 10 a.m.
RAPID 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 www.rapidmanufacturing.com for more information.
About Proto Labs
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. Visit www.protolabs.com for more information.