Proto Labs today announced that it has completed its acquisition of privately held company Rapid Manufacturing Group, LLC. RAPID is a New Hampshire-based custom parts supplier specializing in quick-turn sheet metal fabrication and CNC machining. With the acquisition, Proto Labs will be able to offer its customers another quick-turn manufacturing service while expanding its CNC machining capabilities.

This expansion of Proto Labs' services and capabilities reinforces its promise to customers to continue to seek ways to further optimize product development and improve supply chain efficiencies through a variety of digital manufacturing methods. The company currently employs approximately 300 people, and will expand Proto Labs' team to more than 2,000 employees worldwide.

Proto Labs acquired RAPID for an aggregate purchase price of $120 million consisting of $110 million in cash and $10 million in Proto Labs stock. RAPID's 2017 annual revenue is forecasted to be approximately $45 million.

Effective today, RAPID will start operating under the name "Rapid, a Proto Labs Company." Over time, it will transition to operating solely under the Proto Labs brand.