Fast Radius to be acquired by SyBridge Technologies
Following a competitive auction and pending court approval
SyBridge Technologies will acquire Fast Radius’ assets following a comprehensive sale process and competitive auction conducted under Section 363 of the U.S. Bankruptcy code. Created in 2019, SyBridge is a platform that builds and integrates tooling and mold companies to create a global technological leader that provides value-added design and production solutions across multiple industry verticals. The company is based in Metro Detroit Michigan.
Under SyBridge, Fast Radius will build its digital manufacturing and software business and will go to market under the Fast Radius brand name. SyBridge Technologies’ bid provides a total consideration of approximately $15.9 million, maximizes value and minimizes the remaining duration of the Company’s restructuring by providing a clear path forward for the Debtors to consummate a chapter 11 plan and return value to their customers and other creditors.
When Fast Radius reported it was filing for Chapter 11 bankruptcy in November the company was able to continue operations in the normal course including maintaining employee payroll and health benefits, paying vendors for all post-petition goods and services, continuing all customer programs, and other programs that are essential to continuing the business without disruptions.
Founded in 2017 and headquartered in Chicago, Fast Radius, Inc. is a cloud manufacturing and digital supply chain company. The Fast Radius Cloud Manufacturing Platform provides software applications and manufacturing solutions that help engineers design, make, and fulfill commercial-grade parts, when and where they are needed. This business model was ultimately sound.
At the time, Fast Radius CEO Lou Ressy stressed that “Every year since our founding, Fast Radius has grown our revenue, expanded our customer base, and extended our service offerings. However, recent headwinds in the capital markets have inhibited our ability to adequately put in place the capital structure needed […]”
The transaction between Fast Radius and Sybridge Technologies is subject to approval by the United States Bankruptcy Court for the District of Delaware (the “Court”) and certain other customary closing conditions. A hearing to seek Court approval is scheduled for December 12, 2022, with the transaction expected to close before the end of 2022.
Court filings and other information related to the proceedings are available on a separate website administered by the Company’s noticing agent, Stretto, at https://cases.stretto.com/fastradius or by calling Stretto representatives toll-free at 1-877-361-4291 or 1-714-384-7055 for calls originating outside of the U.S.
DLA Piper LLP (US) is serving as legal advisor to the Company, Lincoln International is serving as its investment banker, and Alvarez & Marsal is serving as its financial advisor.
