December 11, 2017
Proto Labs has completed its acquisition of privately held Rapid Manufacturing Group, LLC. RAPID is a New Hampshire-based custom parts supplier specializing in quick-turn sheet metal fabrication and CNC machining. With the acquisition, Proto Labs can offer a quick-turn manufacturing service while expanding its CNC machining capabilities.
The company currently employs approximately 300 people, and will expand Proto Labs’ team to more than 2,000 employees worldwide.
Proto Labs acquired RAPID for an aggregate purchase price of $120 million ($110 million in cash and $10 million in Proto Labs stock). RAPID’s 2017 annual revenue is forecasted to be approximately $45 million.
Effective today, RAPID will start operating under the name “Rapid, a Proto Labs Company.” Eventually, it will transition to operating solely under the Proto Labs brand, Proto Labs reports.
For more info, visit Proto Labs.
Sources: Press materials received from the company