Proto Labs Completes Acquisition of RAPID, Rebrands It as 'Rapid, a Proto Labs Company'
Proto Labs (NYSE: PRLB) today announced that it has completed its acquisition of privately held company Rapid
Manufacturing Group, LLC (“RAPID”). RAPID is a New Hampshire-based custom parts supplier specializing in quick-turn sheet metal fabrication
and CNC machining. With the acquisition, Proto Labs will be able to offer its customers another quick-turn manufacturing service
while expanding its CNC machining capabilities.
This expansion of Proto Labs’ services and capabilities reinforces its promise to customers to continue to seek ways to further
optimize product development and improve supply chain efficiencies through a variety of digital manufacturing methods. The company
currently employs approximately 300 people, and will expand Proto Labs’ team to more than 2,000 employees worldwide.
Proto Labs acquired RAPID for an aggregate purchase price of $120 million consisting of $110 million in cash and $10 million in
Proto Labs stock. RAPID’s 2017 annual revenue is forecasted to be approximately $45 million.
Effective today, RAPID will start operating under the name “Rapid, a Proto Labs Company.” Over time, it will transition to
operating solely under the Proto Labs brand.
About Rapid, a Proto Labs Company
Rapid, a Proto Labs Company is a quick-turn manufacturer of sheet metal and CNC machined parts. The company has built a reputation
of providing customers quotes within a day, and delivering prototype and low-volume production parts to customers fast. Since it
opened its doors in Nashua, NH in 2001, the company has grown to over 300 employees with three manufacturing facilities. Visit
rapidmanufacturing.com for more information.
About Proto Labs
Proto Labs is the world's fastest digital manufacturing source for rapid prototyping and on-demand production. The
technology-enabled company produces custom parts and assemblies in as fast as 1 day with automated 3D printing, CNC machining,
sheet metal fabrication, and injection molding processes. Its digital approach to manufacturing enables accelerated time to market,
reduces development and production costs, and minimizes risk throughout the product life cycle. Visit protolabs.com for more information.
Forward-Looking Statements
Statements contained in this press release regarding matters that are not historical or current facts are “forward-looking
statements” within the meaning of The Private Securities Litigation Reform Act of 1995. These statements involve known and unknown
risks, uncertainties and other factors which may cause the results of Proto Labs to be materially different than those expressed or
implied in such statements. Certain of these risk factors and others are described in the “Risk Factors” section within reports
filed with the SEC. In addition to statements that explicitly describe such risks and uncertainties, readers are urged to consider
statements in the conditional or future tenses or include terms such as “approximately,” “estimate,” “expected,” “plan,” “believe,”
and variations of such words or similar expressions are intended to identify forward-looking statements
These forward-looking statements are based upon the expectations of management under current assumptions at the time of the
press release. Proto Labs cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should
not place undue reliance on these forward-looking statements. Finally, Proto Labs expressly disclaims any intent or obligation to
update any forward-looking statements to reflect subsequent events or circumstances.
Investor Relations Contact:
Proto Labs
Dan Schumacher, 763-479-7240
Director of Investor Relations
daniel.schumacher@protolabs.com
or
Media Contact:
Padilla for Proto Labs
Tim Nelson, 612-455-1789
Tim.Nelson@PadillaCo.com
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