CORE Industrial Partners Sells Prototek
CORE Industrial Partners ("CORE"), a Chicago-based private equity firm, announced today the sale of Prototek Holdings LLC ("Prototek" or the "Company"), one of the largest national rapid prototyping service providers, to Snow Phipps, a middle-market private equity firm.
Founded in 1987, Prototek manufactures CNC machined and fabricated parts and components across both metal and plastic materials with a specialty in difficult and complex parts. Prototek serves a diverse customer base across a variety of end markets, including aerospace, defense, medical, robotics, electronics, consumer, telecommunications, and general industrial. Based outside of Boston with additional facilities in Milwaukee and Silicon Valley, the Company conforms to a variety of rigorous customer and industry standards and holds certifications and compliance designations including ISO:9001, DFARS and ITAR.
CORE Industrial Partners acquired Prototek from the founding family in 2017, and over the past three years, executed a number of strategic initiatives, including two complementary acquisitions to establish a nationwide footprint and deepen the Company's presence in the medical and technology end markets.
John May, Managing Partner of CORE said, "We could not be prouder of what Prototek and its outstanding management team have accomplished over the last few years. With access to CORE's operational resources and support, the team built Prototek into a national, market-leading rapid prototyping services provider. We look forward to seeing Prototek's continued growth under new ownership."
TJ Chung, Senior Partner of CORE and Chairman of Prototek, said, "During CORE's ownership, we made considerable investments to significantly enhance Prototek's sales and marketing capabilities, including development of an experienced sales team and deployment of a digital marketing strategy that drove rapid organic growth. Prototek augmented these growth-enabling investments with myriad operational initiatives to expand capacity, integrate systems and improve access to data for better and faster decision-making."
Bill Gress, CEO of Prototek, said, "On behalf of the Prototek team, I'd like to thank CORE for the unwavering support and tireless efforts working with management to truly transform Prototek. Moving forward, the Prototek team sees considerable opportunity to continue expanding the business and is excited to partner with Snow Phipps in the next phase of our growth."
Lincoln International served as the exclusive financial advisor and Winston & Strawn acted as the legal advisor to CORE and the Company on the transaction.
ABOUT CORE INDUSTRIAL PARTNERS:
CORE Industrial Partners is a Chicago-based private equity firm investing in North American lower middle-market industrial technology and manufacturing businesses. Our 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 and strives to build best-in-class companies with lasting results. For more information, visit www.coreipfund.com.
ABOUT PROTOTEK:
Prototek is a leading national rapid prototyping services 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. Headquartered outside Boston, Prototek serves a diverse customer base with numerous in-house manufacturing capabilities across four dedicated facilities located across the United States. For more information, visit www.prototek.com.
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