Fast Radius, Inc., a recently merged SPAC formerly trading on the NASDAQ, has been sold through a Section 363 Asset Sale to SyBridge Technologies
Fast Radius
Founded in 2017, Fast Radius, headquartered in Chicago, Illinois, has become a leading provider of digital manufacturing solutions and has helped its customers produce over 15 million parts across more than 150,000 discrete designs. Additionally, Fast Radius has developed an innovative suite of software that integrates design, production and fulfillment operations across a single digital platform to enable simpler and more accessible manufacturing. For more information, please visit www.fastradius.com.
The Deal
Fast Radius went public in February 2022 through a merger with ECP Environmental Growth Opportunities Corp., a special purpose acquisition company. However, due to approximately 91% stockholder redemption prior to close, the company raised $106 million of gross proceeds instead of the anticipated $300 million to $445 million. Fast Radius engaged Lincoln International to launch an extensive marketing process to explore all potential strategic transactions, including sales and capital markets solutions. Lincoln’s deal team included industry and product experts from Lincoln’s Capital Advisory Group, Industrials Group and Technology, Media & Telecom Group. Following the strategic alternatives process, the company filed for Chapter 11 of the U.S. Bankruptcy Code to finalize its marketing process and realize the highest and otherwise best value for the benefit of all stakeholders.
Lincoln worked closely with the company’s management team and its restructuring advisors at DLA Piper LLP and Alvarez & Marsal to conduct a highly efficient in-court process that lasted less than 40 days from the date of filing to the closing date.
Rachel Albanese, DLA Piper, commented, “It was a great team effort amongst Fast Radius leadership and its advisors to drive a value maximizing outcome in a highly complex situation involving a de-SPAC and a robust public and private marketing effort.” Brian Whittman, Managing Director at Alvarez & Marsal, stated, “Liquidity challenges drove a very tight timeline and required tremendous collaboration between the A&M restructuring team, Lincoln International, DLA Piper and management to reach a successful outcome.”
Our Perspective
Brendan Murphy, Managing Director in Lincoln’s Capital Advisory Group, commented, “We are pleased to have advised the highly talented leadership team at Fast Radius throughout the pre- and post-petition sales process. The acquisition by SyBridge Technologies strategically positions the company as a global leader in value-added manufacturing solutions, and we look forward to watching the continued growth and success of the combined platform.
“It was a pleasure working with Rachel Albanese, Ben Winger, Brian Whittman and their teams at DLA Piper and Alvarez & Marsal, respectively. This transaction helped showcase our multi-faceted deal team, combining M&A, capital advisory and restructuring expertise to find a value-maximizing outcome for all stakeholders.”
SyBridge Technologies
SyBridge Technologies was established in 2019 by Crestview Partners to create a global technology leader that provides value-added design and manufacturing solutions across multiple industries. SyBridge is the combination of 13 acquisitions made to combine different products, services and technologies into a singular technology-enabled solution. SyBridge is based in Southfield, Michigan, and has operations in the United States, Canada, Mexico and Ireland.
Crestview
Founded in 2004, Crestview is a value-oriented private equity firm focused on the middle market. The firm is based in New York and manages funds with approximately $10 billion of aggregate capital commitments. The firm is led by a group of partners who have complementary experience and backgrounds in private equity, finance, operations and management. Crestview has senior investment professionals focused on sourcing and managing investments in each of the specialty areas of the firm: industrials, media and financial services.
Lincoln's fulsome marketing process and expertise through all phases of the transaction allowed us to achieve a great outcome for our employees, customers, suppliers and other stakeholders. We are excited to have Fast Radius become a part of SyBridge Technologies.
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