Following the news that Fast Radius recently filed for relief under Chapter 11 of the United States Bankruptcy Code, it has been announced that SyBridge Digital Solutions LLC, a wholly owned affiliate of SyBridge Technologies, based in Southfield, Michigan, USA, will acquire most of the operating assets of the company, 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. The transaction is expected to close before the end of 2022 and represents Sybridge’s fourteenth acquisition since inception in 2019.
“I am thrilled to be bringing Fast Radius into the SyBridge family,” stated Byron J Paul, CEO of SyBridge Technologies. ”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 moulding, 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, added, “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.”
New York-based private equity firm Crestview Partners established SyBridge Technologies in 2019 to create a value-added manufacturing solutions provider spanning end-markets, geographies, and advanced technological capabilities.