SyBridge in Southfield Purchases Assets of Chicago Industrial Tech Company
Posted By: DBUSINESS on December 12, 2022. For more information, please click here to read the source article.
SyBridge Technologies, a global industrial technology company based in Southfield, has announced that its wholly owned affiliate, SyBridge Digital Solutions, has been selected as the winning bidder to purchase certain assets of Fast Radius Inc., a provider of digital manufacturing solutions based in Chicago.
Terms of the transaction were not disclosed.
“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,” says Byron J. Paul, CEO of SyBridge Technologies.
“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.”
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 most 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 has helped its customers produce over 15 million parts across more than 150,000 discrete designs. Additionally, Fast Radius has developed a 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.
“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,” says Patrick McCusker, president and interim CFO of Fast Radius.
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