Acquisition of digital manufacturing specialist adds capabilities and geographic reach, fueling continued growth of both firms
CONTOOCOOK, N.H. — (BUSINESS WIRE) — July 19, 2021 — Prototek Holdings LLC ("Prototek"), a leading national provider of rapid prototyping and low volume production services for precision machined and sheet metal fabricated parts, today announced it completed the acquisition of Midwest Prototyping LLC, one of the nation's largest independent additive manufacturing services businesses and a leader in digital (3D) manufacturing. The transaction closed on July 15, 2021.
The joining of the two organizations comes at an exciting point in the growth of both firms, allowing them to provide a single destination for increasingly complex prototyping and low-volume manufacturing needs of customers. The combined company will be able to provide a full suite of sheet metal, CNC, and additive manufacturing capabilities with a fleet of more than 140 machines. In addition, it will allow both firms to serve a more geographically diverse customer base with locations near technology hubs in the Northeast, Silicon Valley and the Midwest. The company will continue to operate in all current Prototek and Midwest Prototyping locations, with a total of 237 employees.
William Gress will continue in his role as CEO of Prototek. Steve Grundahl, President and Founder of Midwest Prototyping, will serve as Vice President of Additive Manufacturing. Grundahl will be responsible for leading the company’s digital manufacturing growth strategy with Midwest Prototyping as the foundation of an aggressive growth plan.
“The Midwest Prototyping team will be a terrific complement to our core capabilities and will support our continued growth,” said William Gress, CEO of Prototek. “We can now meet all of the prototyping and low volume production needs for our customers through a broad range of cutting-edge manufacturing capabilities and increased size, scale and efficiency, with the same high quality they’ve come to expect. Steve and his team are a great fit for us, and we look forward to working together to provide end-to-end digital manufacturing solutions to our customers around the country.”
“Bill and the team at Prototek are the right partners for us at this pivotal time in our development,” said Grundahl. “Digital and on-demand manufacturing are experiencing significant tailwinds. Joining Prototek gives our employees greater opportunities for growth, and we’re thrilled to bring even more resources and flexibility to our customers.”
“We recently acquired Prototek to support its growth prospects and expansion into digital and on-demand manufacturing. Merging the Midwest Prototyping team and additive manufacturing capabilities with Prototek’s already robust offerings is a great first step to advance this strategy,” said John Pless, Partner, TruArc Partners. “We expect this to be the beginning of significant additional investments in organic and inorganic initiatives that will position the company to capitalize on a dynamic industrial manufacturing market.”
Terms of the transaction were not disclosed. Parker Poe Adams & Bernstein LLP served as legal counsel to TruArc Partners and Prototek. Stifel Global Technology Group acted as exclusive financial advisor to Midwest Prototyping in connection with the transaction. Murphy Desmond S.C. served as legal counsel to Midwest Prototyping.
About Prototek
Prototek is a leading national rapid prototyping services provider of precision machined and sheet metal fabricated parts and components for a variety of end markets, including aerospace, defense, medical, robotics, electronics, consumer, and general industrial. Headquartered in New Hampshire, Prototek serves a diverse customer base with numerous in-house manufacturing capabilities across four dedicated facilities located in New Hampshire, Wisconsin and Northern California. Prototek is ISO 9001:2015 certified as well as ITAR Registered. For more information, visit www.prototek.com.
About Midwest Prototyping
Founded in 2001, Midwest Prototyping today is one of the nation's largest independent digital manufacturing companies, offering a diverse array of additive manufacturing technologies for both prototyping and production applications. Midwest Prototyping has expertise in six additive industrial printing technologies: Laser Sintering, Multi Jet Fusion, Stereolithography, Digital Light Processing, Fused Filament Fabrication, and Material Jetting, combined with extensive post-processing, finishing services and urethane casting departments. The additive-focused organization is committed to innovation, having been instrumental in bringing new solutions to the industry. Midwest is ISO 9001:2015 and AS9100D certified as well as ITAR Registered. For more information, visit www.midwestproto.com.
About TruArc Partners
TruArc Partners, the successor firm to Snow Phipps, is a private equity firm focused on lower middle-market control investments of target platforms ranging from $100 million to $500 million in enterprise value. TruArc generally focuses on companies in attractive sub-sectors across specialty manufacturing and business services. The TruArc investment team collaborates with its operating partners and portfolio management teams to create value through a transformational growth strategy often led by organic or acquisition-driven growth. To learn more about TruArc and Snow Phipps, visit www.snowphipps.com.
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