PR Newswire
SOUTHFIELD, Mich., Dec. 9, 2022
Fast Radius Adds Significant Prototyping, Additive Manufacturing & Software Capabilities
Transaction Marks SyBridge's Fourteenth Acquisition in Three Years
SyBridge Continues to Develop into an Industrial Technology Solutions Partner for Customers in High-Growth Industries
SOUTHFIELD, Mich., Dec. 9, 2022 /PRNewswire/ -- SyBridge Technologies ("SyBridge"), a global industrial technology company, announced today that its wholly-owned affiliate, SyBridge Digital Solutions LLC, has been selected as the winning bidder of certain assets of Fast Radius, Inc. ("Fast Radius") [OTCMKTS: FSRD]. The sale is subject to bankruptcy court approval and is expected to close before the end of 2022. SyBridge is acquiring most of the operating assets of Fast Radius, and intends to make offers of employment to a majority of current Fast Radius employees. Under SyBridge, Fast Radius will continue to operate and build its digital manufacturing and software business and will go to market under the Fast Radius brand name. This transaction represents Sybridge's fourteenth acquisition since inception in 2019.
Founded in 2017, Fast Radius (www.fastradius.com), headquartered in Chicago, IL, has become a leading provider of digital manufacturing solutions, and has helped its customers produce over 15 million parts across more than 150,000 discrete designs. Additionally, Fast Radius has developed an innovative suite of software that integrates design, production and fulfillment operations across a single digital platform to enable simpler and more accessible manufacturing.
New York-based private equity firm Crestview Partners established SyBridge Technologies in 2019 and committed $200 million of equity capital to create a market leading value-added manufacturing solutions provider spanning end-markets, geographies, and advanced technological capabilities.
Byron J. Paul, CEO of SyBridge Technologies, said of the transaction, "I am thrilled to be bringing Fast Radius into the SyBridge family. Combining Fast Radius' leading cloud manufacturing and artificial intelligence platform with our global design, prototyping and manufacturing network materially accelerates our vision of being a leading global industrial technology company. We will be able to support our customers throughout their product lifecycle – from product design, engineering and prototyping through tool production, supportive molding, and finally preventative maintenance and repair. We look forward to bringing the Fast Radius team onboard, and together, becoming the preferred design and manufacturing partner to our global customers."
Patrick McCusker, currently President & Interim CFO of Fast Radius, commented, "We are very pleased to see Fast Radius become a part of SyBridge Technologies. Our parts and software capabilities align incredibly well with SyBridge's global manufacturing footprint and prototyping capabilities."
SyBridge was represented in the process by Gibson Dunn & Crutcher and CMD Global Partners.
About SyBridge Technologies
SyBridge Technologies was established in 2019 by Crestview Partners to create a global technology leader that provides value-added design and manufacturing solutions across multiple industries. SyBridge is the combination of 13 acquisitions made to combine different products, services and technologies into a singular technology enabled solution. SyBridge is based in Southfield, Michigan and has operations in the United States, Canada, Mexico and Ireland. For more information, please visit www.sybridgetech.com.
About Crestview Partners
Founded in 2004, Crestview is a value-oriented private equity firm focused on the middle market. The firm is based in New York and manages funds with approximately $10 billion of aggregate capital commitments. The firm is led by a group of partners who have complementary experience and backgrounds in private equity, finance, operations and management. Crestview has senior investment professionals focused on sourcing and managing investments in each of the specialty areas of the firm: industrials, media, and financial services. For more information, please visit us at www.crestview.com.
For more information, please contact:
Jeffrey Taufield or Daniel Yunger
Kekst CNC
(212) 521-4800
[email protected] / [email protected]
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SOURCE SyBridge Technologies; Crestview Partners
