Proto Labs has recently entered a definitive agreement that allows them to acquire Rapid Manufacturing Group.

The company has agreed to purchase Rapid Manufacturing for $120 million – broken down into $110 million in cash and $10 million in Proto Labs stock. The transaction is set to close by the end of this year.

The acquisition of the Nashua, N.H.–based company expands Proto Labs’s CNC machining capabilities while offering more quick-turn manufacturing services to its customers.

“Quick-turn prototyping and low-volume manufacturing have always been at the core of RAPID, and this foundation makes us a natural fit with Proto Labs’ digital model,” Jay Jacobs, founder of Rapid Manufacturing, said in a press release. “I’m excited about the opportunities our combined manufacturing services will provide for our customers who will now have a single source for a variety of manufacturing services, including injection molding and 3D printing.”

Rapid Manufacturing currently employs about 300 people, bringing Proto Labs’s total employee count to more than 2,000 employees worldwide.

“We listen to our customers very closely to understand their needs,” Vicki Holt, CEO of Proto Labs, said. “We continue to look for opportunities to expand our capabilities to serve our existing customers and to expand our customer base. RAPID not only adds quick-turn and e-commerce-enabled sheet metal services to our portfolio, it also expands our machining capabilities to support larger and more complex projects. In addition, RAPID’s culture is highly aligned with that of Proto Labs, with a talented and experienced team that we are very excited to welcome to the Proto Labs family.”