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CORE Industrial Partners acquires Prototek Sheetmetal Fabrication

CORE Industrial Partners (CORE), an industrials-focused private equity firm based in Chicago, has acquired Prototek Sheetmetal Fabrication (Prototek). Financial terms of the transaction have not been disclosed.

Founded in 1987, Prototek is a leading rapid prototyping service provider of CNC machined and sheet metal fabricated parts and components. The Company serves a diverse customer base across a variety of end markets such as aerospace, defence, medical, robotics, electronics, consumer, and general industrial. Prototek’s in-house manufacturing capabilities, including CNC machining, sheet metal fabrication, powder coating, chromating, anodising, silk screening and assembly, enable industry-leading turnaround times, including same day quoting, manufacturing and delivery. Based outside of Boston with two dedicated facilities, the Company conforms to a variety of rigorous customer and industry standards and holds certifications and compliance designations including ISO:9001, DFARS and ITAR.
 
As part of the transaction, Brian Francoeur, formerly General Manager of Prototek, will become President and lead Prototek’s team of rapid prototyping veterans.
 
John May, Managing Partner and Founder of CORE, says: “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. 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.”
 
Francoeur adds: “On behalf of all Prototek employees, we are very excited to partner with CORE. For over three decades, Prototek has provided leading rapid prototyping services to our valued customers, and now under CORE’s ownership and its team’s unique track record of building market leading companies, we look forward to Prototek’s transformation as CORE helps take the business to the next level.”
 
Monroe Capital LLC provided debt financing for the acquisition. Winston & Strawn LLP provided legal representation to CORE in the transaction.

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