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BigRep has signed a non-binding letter of intent with special purpose acquisition (SPAC) company SMG Technology Acceleration SE to combine their businesses and list publicly on the Frankfurt Stock Exchange.
It comes just weeks after BigRep announced the acquisition of HAGE3D, a fellow manufacturer of extrusion 3D printing systems. That deal ensured BigRep has a team of over 100 staff, five 'strategically located' application centres and an installed base of more than 1,000 fused filament fabrication 3D printers.
As it takes its next step with SMG Technology Acceleration SE, BigRep expects to be able to 'continue its growth path, driven both organically and inorganically.'
Read more | Taking Stock: The rise of Special Purpose Acquisition Companies in AM
“We expect the AM market to continue its dynamic growth for the foreseeable future, driven by the strong megatrends such as digitalisation and decentralisation of manufacturing,” commented Dr.‐Ing. Sven Thate, Managing Director and CEO of BigRep GmbH. “BigRep embraces those transformations, providing complete industrial AM solutions comprising of reliable hardware, productivity software, quality materials, and excellence in customer support. With our solutions based on Fused Filament Fabrication (FFF) being by far the most widely used AM technology, we are in the sweet spot of industrial, automotive, and aerospace clients seeking fast ROIs not only for small parts but also for large, complex functional part production.”
Dr. Reinhard Festag, Managing Director and CFO of BigRep GmbH, added: “At the same time, we operate within a very fragmented market offering significant potential for consolidation. By unifying under‐critical players with outstanding technologies, we aim to broaden our comprehensive solution offering and leverage economies of scale‐ to benefit our customers. As a fast growing, global player, we plan to form a European leader in AM technology via a buy and build approach, expanding our portfolio, market reach, and talents working at BigRep. The signing with SMG marks a significant next step on this journey.”
BigRep becomes the latest 3D printing company to pursue a public listing via a SPAC merger, after Desktop Metal, Markforged, Velo3D, Shapeways and Fathom. Fast Radius also went public through a SPAC deal before filing for Chapter 11 Bankruptcy this time last year, while Essentium began proceedings in late 2021 before seeing the deal fall through in early 2022.
