CORE Industrial Partners acquires Prototek
Chicago-based private equity firm purchases Contoocook rapid prototyping firm
CORE Industrial Partners LLC, an industrials-focused private equity firm based in Chicago, Ill., announced on Wednesday that it has acquired Contoocook, N.H.-based Prototek Sheetmetal Fabrication LLC.
Founded in 1987, Prototek is a leading rapid prototyping service provider of CNC machined and sheet metal fabricated parts and components with two facilities. Prototek serves a diverse customer base across a variety of markets including aerospace, defense, medical, robotics, electronics, consumer and general industrial.
As part of the transaction, Brian Francoeur, formerly general manager of Prototek, will become president and lead Prototek’s team. Financial terms of the transaction were not disclosed.
John May, managing partner and founder of CORE, said, “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.”
“On behalf of all Prototek employees, we are very excited to partner with CORE,” said Francoeur. “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.”