Fisher Unitech, a portfolio company of The Riverside Company, has closed on the add-on acquisition of Prism Engineering, a reseller of computer aided design (CAD) and computer aided manufacturing (CAM) software, and 3D printers. Riverside acquired Fisher Unitech in November 2014.
Prism Engineering is a reseller of SolidWorks 3D CAD software, Mastercam CAM software, and Stratasys 3D printers to customers in the Mid-Atlantic region of the US. The company also provides training and support services at its regional facilities and certified training centers located in Horsham, PA; Allentown, PA; Pittsburgh, PA; Harrisburg, PA; Elkridge, MD; and Lynchburg, VA The company was founded in 1991 and is based north of Philadelphia in Horsham, PA (www.prismeng.com).
Fisher Unitech, like Prism Engineering, is a reseller of computer aided design software, 3D printing hardware and a provider of training, and consulting services. Fisher is the world’s largest distributor of Stratasys 3D printers (www.stratasys.com) and the third-largest US distributor of SolidWorks software (www.solidworks.com). Fisher operates in the Midwest and New England and has more than 8,000 customers in the aerospace, consumer goods, automobiles, and defense industries. The company has 13 locations with classroom facilities supporting sales across 16 states. Fisher Unitech was founded in 1993 and is based in the Detroit suburb of Troy, MI (www.funtech.com).
Prism’s Mid-Atlantic coverage dovetails with Fisher’s existing Midwest and Northeast presence. Additionally, Mastercam CAM software integrates well with CAD software like SolidWorks (offered by both Fisher and Prism) to create the machining steps needed to manufacture products on computer numerically controlled (CNC) machines.
“This combination makes for an even stronger and more capable company in Fisher with a broader product offering and geographic footprint,” said Riverside Senior Operating Partner Mike Michienzi. “The acquisition brings Fisher’s strong team and capabilities to Prism customers while adding CAM software to Fisher’s product offerings. The combined company will meet more needs for more customers in a wider geographic area. We look forward to accelerated growth.”
“Combining Prism’s new offerings with Fisher’s proven track record of value-added reselling and training expertise makes for a compelling value for customers,” said Matt Wise, CEO of Fisher. “Fisher is also a global leader in sales of Stratasys 3D printers, which strengthens Prism’s existing offerings.”
Working with Mr. Michienzi on the transaction for Riverside were Partner Steve Dyke, Principal Rob Langley, Senior Associate Caroline Shettle and Operating Executive Tom Snyder. Origination Principal Jim Butterfield sourced the opportunity and Partner Anne Hayes worked on financing the transaction for the firm.
The Riverside Company is a global private equity firm focused on investing in and acquiring growing businesses valued at up to $400 million. Since its founding in 1988, Riverside has invested in more than 420 transactions. The firm’s international portfolio includes more than 80 companies. Riverside is headquartered in New York with additional offices in Atlanta, Chicago, Cleveland, Dallas, Los Angeles, San Francisco, and London (www.riversidecompany.com).
Maranon Capital, which financed the acquisition of Fisher Unitech by Riverside in November 2014, provided financing for this add-on acquisition. Maranon has offices in Chicago; Birmingham, MI (near Detroit) and South Bend (www.maranoncapital.com).
Jones Day (www.jonesday.com) provide legal counsel to Riverside.
© 2016 Private Equity Professional • 6-10-16