CORE Industrial Partners has acquired Prototek Sheetmetal Fabrication, a rapid prototyping service provider of CNC machined and sheet metal fabricated parts and components.
Prototek’s manufacturing capabilities include CNC machining, sheet metal fabrication, powder coating, chromating, anodizing, silk screening and assembly. The company can prototype parts from a range of materials including steel, stainless steel, mirrored stainless, aluminum, copper, Lexan and other plastics.
Prototek’s customers are active in the aerospace, defense, medical, robotics, electronics, consumer, and general industrial markets. The company was founded in 1987 by the Isabelle family and has a 60,000 sq. ft. facility and headquarters located 77 miles northwest of Boston in Contoocook, NH (www.prototekmanufacturing.com). As part of the transaction with CORE, General Manager Brian Francoeur will become Prototek’s president.
“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,” said John May, Managing Partner and Founder of CORE. “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.”
CORE Industrial Partners makes control investments in companies that have revenues from $10 million to $200 million and EBITDA of up to $15 million. Sectors of interest include aerospace and defense; automotive and transportation; building and Infrastructure Products; electrical and power products; flow controls; engineered components; machinery and equipment; paper and packaging; test measurement and automation; specialty materials; textiles; and chemicals. CORE was founded in 2017 and is headquartered in Chicago (www.coreipfund.com).
Monroe Capital (www.monroecap.com) was the sole lead arranger and administrative agent on a senior credit facility to support the acquisition of Prototek by CORE.
© 2017 Private Equity Professional | December 13, 2017
