Hanover Partners exited its stake in Solidscape Inc., selling the company, a manufacturer of 3D printer systems, to publicly traded Stratasys. The exit from Solidscape generated a 2.5x cash-on-cash return for lead investors Hanover Partners and Tuckerman Capital, during a nearly 5-year investment period, Hanover announced Tuesday. Solidscape is based in Merrimack, New Hampshire. Hanover Partners acquired Solidscape in June 2006 in partnership with Tuckerman Capital. Terms of the sale were not released.
PRESS RELEASE
Hanover Partners, Inc. announced the sale of its portfolio company, Solidscape, Inc., a leading manufacturer of 3D printer systems to Stratasys, (NASDAQ: SSYS), also a leading manufacturer of 3D printers and other additive manufacturing systems.
Headquartered in Merrimack, NH, Solidscape develops and produces innovative, proprietary 3D printers and consumable model-making materials that incorporate the latest technologies to produce high-quality physical models and prototypes for complex investment casting applications. Serving a predominantly international customer base that includes jewelry, dental and other end-markets, Solidscape is one of the largest manufacturers of 3D printer systems in the world. The exit from Solidscape generated a 2.5x cash-on-cash return for lead investors Hanover Partners and Tuckerman Capital, during a nearly 5 year investment period.
Based in San Francisco, California and Portland, Oregon, Hanover Partners acquired Solidscape in June 2006 in partnership with Tuckerman Capital, II and III, LP. of Hanover, NH and Solidscape Chairman and CEO David Bothwell. Commenting at the transaction’s closing, Andrew N. Ford, Co- Founding Principal with Hanover Partners and former Solidscape Director, stated “We are extremely pleased with this highly-successful outcome for all shareholders. It has been a pleasure partnering with David Bothwell and Solidscape’s very talented management team. Solidscape is well-positioned to achieve its next level of growth as part of another industry leader in Stratasys.”
“We appreciate the support of Hanover Partners over the last 5 years and are excited at both this result and Solidscape’s future,” said Solidscape’s Chairman and CEO David Bothwell. “Stratasys is regarded as one of the best run, most stable companies in the additive manufacturing industry and brings a wealth of resources to the table with its financial strength, and management. The resources of a strong company like Stratasys give Solidscape a better platform on which to grow our business.” Additionally, Mike Varanka, President of Solidscape, commented “This agreement represents the joining of two well-established leaders in additive manufacturing. We believe Stratasys and Solidscape have valuable synergies, and the two companies will make a good partnership.”
Founded in 1994, Hanover Partners, Inc. is a private equity firm with offices in Portland, OR and San Francisco, CA. Hanover and its institutional partners acquire majority positions in lower middle-market manufacturers with proprietary, highly engineered, standard products, as well as consumer products and business services companies, with operating income of at least $1.5 million and operating margins exceeding 10%. With the exit from Solidscape, Hanover’s current portfolio now consists of 6 unique companies located across the United States.
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