Just recently we reported that Fast Radius had gone bust. Now it has been announced that SyBridge Technologies, a global industrial technology company, with its wholly owned subsidiary SyBridge Digital Solutions LLC, has been selected as the successful bidder for certain assets of Fast Radius.
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, 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 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.
Find out more Fast Radius at fastradius.com.
For more information about SyBridge Technologies at sybridgetech.com.
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