rapid prototyping

Prototek, a portfolio company of CORE Industrial Partners since December 2017, has acquired Cal-X, a provider of sheet metal fabrication and machining services.

Cal-X focuses on rapid prototyping and short-run production and the company’s capabilities include CNC milling and turning, laser and waterjet cutting, painting and silk screening. Cal-X’s customers are active in the medical, electronics and robotics, aerospace, and transportation sectors.

The company is led by its President and Founder Tom Jaskolski and is headquartered north of Milwaukee in Grafton, WI (www.calxinc.com).

Prototek is a rapid prototyping service provider with capabilities in 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 sectors. The company, led by CEO Bill Gress, was founded in 1987 and is headquartered northwest of Boston in Contoocook, NH with an additional facility in Sunnyvale, CA (www.prototekmanufacturing.com).

“The acquisition of Cal-X represents another great example of our commitment to building a leading rapid prototyping service provider,” said Mr. Gress. “We specialize in delivering the impossible and now we will bring this service on a nationwide scale. Cal-X rounds out our portfolio of capabilities and services that places us as the logical choice of rapid prototype providers.”

“Cal-X is highly complementary to Prototek across a number of critical strategic dimensions, including technical capabilities, end markets, customers and geography,” said Matthew Puglisi, a partner of CORE. “The addition of Cal-X makes Prototek a clear national rapid prototyping provider with the ability to efficiently serve the entire North American market.”

CORE makes control investments in companies that have revenues of up to $200 million and EBITDA of up to $20 million. Sectors of interest include a range of specialty verticals within the manufacturing and industrial technology sectors. CORE was founded in 2017 and is headquartered in Chicago (www.coreipfund.com).

Monroe Capital provided financing for this acquisition.

© 2019 Private Equity Professional | July 15, 2019

Prototek Sheetmetal Fabrication, a portfolio company of CORE Industrial Partners since December 2017, has acquired Hayes Manufacturing Services.

Hayes is a provider of precision-machined plastic and metal components for both rapid prototyping and low-volume production applications. The company’s services include direct digital manufacturing (3D printing), precision machining & multi-axis machining, laser cutting, fabrication, assembly, inspection and engineering.

Hayes’ customers are active in the medical, aerospace, electronics and robotics sectors. The company was founded in 1991 and has a 22,000 sq. ft. production and headquarters facility near San Jose in Sunnyvale, CA (www.hayesms.com).

“Our investment in Hayes is a great example of our continuing interest in building market leaders in the industrial sector that can benefit from CORE’s resources and expertise to enhance their growth and strategic position,” said John May, Managing Partner and Founder of CORE. “We are very pleased to complete this strategic acquisition and look forward to working collaboratively with the Hayes and Prototek teams.”

Like Hayes, Prototek is a provider of rapid prototyping services. The company’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 sectors. The company was founded in 1987 and has a 60,000 sq. ft. facility and headquarters located 77 miles northwest of Boston in Contoocook, NH (www.prototekmanufacturing.com).

“The acquisition of Hayes serves as a representative example of our intention to build a leading rapid prototyping service provider, in part, through highly complementary acquisitions,” said Matthew Puglisi, a Partner of CORE.

CORE makes control investments in companies that have revenues from $10 million to $200 million and EBITDA of up to $20 million. Sectors of interest include a range of specialty verticals within the manufacturing and industrial technology sectors. CORE was founded in 2017 and is headquartered in Chicago (www.coreipfund.com).

Monroe Capital (www.monroecap.com), which led the debt financing for the acquisition of Prototek by CORE in December 2017, provided financing for this add-on acquisition.

© 2018 Private Equity Professional | July 11, 2018