CORE Industrial Partners said July 10 that it acquired Hayes Manufacturing Services Inc. Financial terms weren’t announced. Hayes, of Sunnyvale, California, provides precision-machined plastic and metal components for both rapid prototyping and low-volume production applications.
CORE Industrial Partners (“CORE”), a Chicago-based private equity firm, announced today the acquisition of Hayes Manufacturing Services, Inc. (“Hayes” or the “Company”), a rapid prototyping manufacturer of precision-machined plastic and metal components, by CORE portfolio company Prototek Sheetmetal Fabrication LLC (“Prototek”). Financial terms of the transaction were not disclosed.
Headquartered in Silicon Valley, Hayes offers rapid prototyping and low-volume precision machining services for a blue-chip customer base primarily in the medical, aerospace, robotics and electronics end markets. Founded in 1991, Hayes has nearly three decades of experience working closely with customers to manufacture products meeting the most stringent dimensional and aesthetic requirements, including tolerances as tight as one ten-thousands of an inch. Hayes holds a variety of certifications and compliance designations, including ISO 9001, ITAR, FDA and CDPH.
John May, Managing Partner and Founder of CORE, said, “Our investment in Hayes is a great example of our continuing interest in building market leaders in the industrial sector that can benefit from CORE’s resources and expertise to enhance their growth and strategic position. We are very pleased to complete this strategic acquisition and look forward to working collaboratively with the Hayes and Prototek teams.”
Matthew Hayes, President and Founder of Hayes said, “On behalf of myself and all Hayes employees, we are very excited to join the Prototek team. Both Hayes and Prototek are widely recognized for our outstanding customer service, and we are excited to leverage our complementary capabilities, customer bases and geographic footprints to accelerate the growth of the combined businesses.”
Matthew Puglisi, Partner of CORE, said, “Hayes’ consultative customer service approach and leading technical capabilities have engendered a recurring, loyal customer base that values the Company’s accessibility, flexibility and insight regarding everything from materials to manufacturability. The acquisition of Hayes serves as a representative example of our intention to build a leading rapid prototyping service provider, in part, through highly complementary acquisitions.”
Monroe Capital LLC provided financing for the acquisition. Winston & Strawn LLP provided legal representation to CORE and Prototek in the transaction.
ABOUT CORE INDUSTRIAL PARTNERS:
CORE Industrial Partners is a Chicago-based private equity firm investing in North American lower middle-market manufacturing and industrial technology businesses. CORE’s team is comprised of highly experienced former CEOs and investment professionals with shared beliefs, deep experience and a proven track record of building market leading businesses. Through our capital, insight and operational expertise, CORE partners with management teams to create unique value, grow revenues and consistently deliver lasting results. For more information, visit www.coreipfund.com.
ABOUT PROTOTEK SHEETMETAL FABRICATION LLC:
Prototek Sheetmetal Fabrication is a leading rapid prototyping service provider of CNC machined and sheet metal fabricated parts and components for a variety of end markets, including aerospace, defense, medical, robotics, electronics, consumer, and general industrial. Headquartered in Contoocook, NH, Prototek serves a diverse customer base with numerous in-house manufacturing capabilities across two dedicated facilities. For more information, visit www.prototek.com.
ABOUT HAYES MANUFACTURING SERVICES, INC:
Hayes Manufacturing Services is a provider of precision-machined plastic and metal components for both rapid prototyping and low-volume production applications. Headquartered in Sunnyvale, CA, Hayes serves a diverse customer base across a variety of end markets, including medical, aerospace, electronics and robotics. For more information, visit www.hayesms.com.