CORE Industrial Partners Purchases Prototek Sheetmetal Fabrication
CORE Industrial Partners has acquired Prototek Sheetmetal Fabrication.
Financial terms of the transaction were not disclosed.
Prototek is a rapid prototyping service provider of CNC machined and sheet metal fabricated parts and components. The Company serves a diverse customer base across a variety of end markets such as aerospace, defense, medical, robotics, electronics, consumer, and general industrial.
According to a media release, Prototek's in-house manufacturing capabilities, including CNC machining, sheet metal fabrication, powder coating, chromating, anodizing, silk screening and assembly, enable turnaround times, including same day quoting, manufacturing and delivery. Based outside of Boston with two dedicated facilities, the Company conforms to a variety of rigorous customer and industry standards and holds certifications and compliance designations including ISO:9001, DFARS and ITAR.
As part of the transaction, Brian Francoeur, formerly General Manager of Prototek, will become President and lead Prototek's team of rapid prototyping veterans.
John May, Managing Partner and Founder of CORE, said, "Our investment in Prototek highlights CORE's desire to invest in well-positioned lower middle-market industrials and manufacturing companies where we can leverage our extensive operating experience to execute against a diverse set of value creation initiatives and strategic growth avenues. The combination of Prototek's diverse blue-chip customer base, breadth of manufacturing capabilities and differentiated technical expertise were compelling factors in our decision to acquire the Company."
Francoeur added, "On behalf of all Prototek employees, we are very excited to partner with CORE. For over three decades, Prototek has provided leading rapid prototyping services to our valued customers, and now under CORE's ownership and its team's unique track record of building market leading companies, we look forward to Prototek's transformation as CORE helps take the business to the next level."
Monroe Capital LLC provided debt financing for the acquisition. Winston & Strawn LLP provided legal representation to CORE in the transaction.
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THE DAILY VIEW
Tea Forté Introduces ‘Matcha’ Collection
Convenience meets tradition in Tea Forté’s new Ceremonial Matcha Bowl Set and the Matcha Single Steeps.
The company said its spring harvested, shade grown, stone ground, organic matcha tea is best served in a centuries-old Japanese tea ceremony called chanoyu: a preparation technique known for its centering meditative qualities.
"The launch of Tea Forté's Matcha collection represents our continued commitment to wellness and cultivating all the potential mental and physical health benefits of tea," says Tea Forté CEO Michael Gebrael. "In addition to our high quality Pure Matcha, we've also blended four distinct flavored Matcha varieties. Prepackaged in pouches measured out for a single serving, our Single Steeps Matcha is ideal for the office, travel, or to keep with you for a boost anytime."
Tea Forté noted its handcrafted ceremonial tea bowl, handmade bamboo whisk and measuring ladle “encourages serene enjoyment of our premium Kosher, gluten-free and vegan matcha blends.” These include: Pure Matcha, Chocolate Matcha, Coconut Matcha, Ginger Matcha, and Chai Matcha.
According to a release, in addition to its distinctive taste, matcha is prized for its health benefits. Steeped green tea contains only the antioxidants that can be extracted in water, while with matcha, the whole leaf is consumed.
Available now in select stores and online at teaforte.com.
Expedia.com has released a year-end look at U.S. traveler behavior and trends for 2017, analyzing data to identify the most in-demand destinations, hotels, activities and more.
Among other insights, the roundup revealed:
- Labor Day was the busiest weekend for car rental
- Disney Theme Parks topped the list of things to do
- The average hotel stay was two nights
- Top destinations based on 2017 air travel included major global cities like New York, London and Bangkok
- Popular tourist destinations included Orlando, Cancun and Las Vegas