CHICAGO--(BUSINESS WIRE)--CORE Industrial Partners LLC (“CORE”), an industrials-focused private equity firm based in Chicago, IL, announced today that it has acquired Prototek Sheetmetal Fabrication LLC (“Prototek” or the “Company”). Financial terms of the transaction were not disclosed.
Founded in 1987, Prototek is a leading rapid prototyping service provider of CNC machined and sheet metal fabricated parts and components. The Company serves a diverse customer base across a variety of end markets such as aerospace, defense, medical, robotics, electronics, consumer, and general industrial. Prototek’s in-house manufacturing capabilities, including CNC machining, sheet metal fabrication, powder coating, chromating, anodizing, silk screening and assembly, enable industry-leading turnaround times, including same day quoting, manufacturing and delivery. Based outside of Boston with two dedicated facilities, the Company conforms to a variety of rigorous customer and industry standards and holds certifications and compliance designations including ISO:9001, DFARS and ITAR.
As part of the transaction, Brian Francoeur, formerly General Manager of Prototek, will become President and lead Prototek’s team of rapid prototyping veterans.
John May, Managing Partner and Founder of CORE, said, “Our investment in Prototek highlights CORE’s desire to invest in well-positioned lower middle-market industrials and manufacturing companies where we can leverage our extensive operating experience to execute against a diverse set of value creation initiatives and strategic growth avenues. The combination of Prototek’s diverse blue-chip customer base, breadth of manufacturing capabilities and differentiated technical expertise were compelling factors in our decision to acquire the Company.”
Mr. Francoeur added, “On behalf of all Prototek employees, we are very excited to partner with CORE. For over three decades, Prototek has provided leading rapid prototyping services to our valued customers, and now under CORE’s ownership and its team’s unique track record of building market leading companies, we look forward to Prototek’s transformation as CORE helps take the business to the next level.”
Monroe Capital LLC provided debt financing for the acquisition. Winston & Strawn LLP provided legal representation to CORE in the transaction.
ABOUT PROTOTEK SHEETMETAL FABRICATION LLC:
Prototek Sheetmetal Fabrication is a leading rapid prototyping service provider of CNC machined and sheet metal fabricated parts and components for a variety of end markets, including aerospace, defense, medical, robotics, electronics, consumer, and general industrial. The Company is headquartered in Contoocook, NH, with two dedicated facilities serving a diverse customer base with in-house manufacturing capabilities. For more information, visit www.prototek.com.
ABOUT CORE INDUSTRIAL PARTNERS:
CORE Industrial Partners is a Chicago, IL based private equity firm investing in North American lower middle-market industrial and manufacturing businesses with sales up to $200 million. CORE’s team is comprised of highly experienced former CEOs and investment professionals with shared beliefs, deep experience and a proven track record of building market leading businesses. Through our capital, insight and operational expertise, CORE partners with management teams to create unique value, grow revenues and consistently deliver lasting results. For further information, visit www.coreipfund.com.