Quick-turn manufacturer Proto Labs has launched its additive manufacturing service, which falls on the heels of its acquisition of additive manufacturing services provider FineLine Prototyping (Raleigh, NC).
According to a release, the addition of additive manufacturing expands Proto Labs' services to address a wider spectrum of need for the product developer. FineLine offers stereolithography, selective laser sintering, and direct metal laser sintering services to corporate customers in a variety of industries, including medical, aerospace, computer/electronics, consumer products, and industrial machinery, among others.
FineLine generated revenues of approximately $9.7 million in 2013, according to the company. Under terms of the agreement, Proto Labs will acquire FineLine for total consideration of $38 million. Proto Labs will continue to operate the FineLine facility out of Raleigh, and expects to retain the services of all key employees, including FineLine principals Rob Connelly and Craig Goff, to lead the global additive manufacturing services. Proto Labs expects the acquisition to be accretive to Proto Labs' earnings per share by the fourth quarter of 2014.
Piper Jaffray & Co. acted as financial advisors to Proto Labs and Faegre Baker Daniels acted as legal advisors to Proto Labs.