SyBridge Technologies, a global industrial technology company, has announced its wholly owned affiliate, SyBridge Digital Solutions LLC, has been selected as the winning bidder of certain assets of Fast Radius.
The sale comes a month on from Fast Radius filing for chapter 11 bankruptcy and nine months after its public listing. The sale to SyBridge 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 says that it intends to make offers of employment to a majority of current Fast Radius employees.
SyBridge’s bid provides a total consideration of approximately 15.9 million USD. According to Fast Radius, the takeover will maximise value and minimise the remaining duration of the company’s restructuring as it will provide a ‘clear path’ forward for the debtors to consummate the Chapter 11 plan.
According to SyBridge, Fast Radius will continue to operate and build its digital manufacturing and software business under its new owner and will go to market under the Fast Radius brand name. This acquisition is SyBridge’s fourteenth since the company’s inception in 2019.
Fast Radius was founded in 2017, and according to the company has helped its customers produce over 15 million parts across more than 150,000 discrete designs during its time. Meanwhile, New York-based private equity firm Crestview Partners established SyBridge Technologies in 2019, and committed 200 million USD of equity capital to create a ‘market leading value-added’ manufacturing solutions provider spanning end-to-end markets, geographies and advanced technological capabilities.
“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 technology company,” said Byron J. Paul, CEO of SyBridge Technologies.
Paul added: “We will be able to support our customers throughout their product lifecycle, from product design, engineering and prototyping through tool production, supportive moulding, 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, President and Interim CFO of Fast Radius, said: “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.”
In the most recent issue of TCT Magazine Europe, we reported on a visit to Fast Radius’ Chicago West Loop microfactory in September.
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