Snow Phipps Group announces today that it has completed its acquisition of Prototek Holdings LLC.
FREMONT, CA; Snow Phipps Group (Snow Phipps) announces today that it has completed its acquisition of Prototek Holdings LLC (Prototek). Terms of the transaction were not disclosed.
Prototek is a leading national provider of high precision machining and sheet metal fabrication for rapid prototyping and low volume production services across various end markets, including aerospace, defense, medical, robotics, electronics, consumer, telecommunications, and general industrial.
"We are excited to partner with Prototek and its strong management team," said John Pless, Partner at Snow Phipps. "Prototek has built a differentiated platform and we are excited about the significant opportunities we see for both organic and acquisition growth."
"With our growing customer base and deeply experienced team, we are well positioned for further expansion," said Bill Gress, CEO of Prototek. "Our vision for the future aligns perfectly with Snow Phipps, as we continue to invest in our capabilities to provide the signature products and rapid solutions our customers expect."
Snow Phipps Operating Partner Jay Twombly will join Prototek as the non-executive Chairman of the Board of Directors. "Bill and his team have a proven track record of success and a clear vision to drive further growth," said Mr. Twombly. "We look forward to working with them and providing the resources needed to execute their expansion strategy."
Simpson Thacher & Bartlett LLP served as legal counsel to Snow Phipps in the transaction.
Prototek is a leading national rapid prototyping services provider of CNC machined and sheet metal fabricated parts and components for several end markets, including aerospace, medical, defense, robotics, electronics, consumer, and general industrial. Headquartered outside Boston, Prototek serves a diverse customer base with several in-house manufacturing capabilities across four dedicated facilities located across the United States.
Snow Phipps is a private equity firm aiming at lower middle-market control investments with $2.4 billion of total capital commitments raised since its founding in 2005. The firm usually focuses on companies in attractive sub-sectors across the Industrials, Business Services, and Consumer industries and targets platform investments with enterprise values ranging from $100 million to $500 million. The Snow Phipps investment team collaborates with its Operating Partners and portfolio management teams to create value through an operationally focused strategy often led by organic or acquisition-driven growth.