Private investment firm Graham Partners acquired Forest Lake, Minn.-based injection medical device molder Teamvantage Molding L.L.C. effective Nov. 2.
"We are excited to grow our business through this strategic partnership," Teamvantage said in a Nov. 10 news release. "Going forward, we will continue to provide our brand of best-in-class service supported by the latest advancements in technology and equipment."
Teamvantage will maintain its existing management teams for all day-to-day operations, Graham said in the release.
Teamvantage was "an attractive investment opportunity" due to "an industrywide conversion toward outsourced manufacturing in the medical device sector, as well as conversions toward minimally invasive surgical procedures, disposable products and plastics," a Nov. 3 news release by Graham Partners said.
"Graham was the perfect strategic fit for Teamvantage due to their network of industry relationships, operational expertise and track record of health care and defense investing," Teamvantage owner Ray Newkirk said in the release. "I'm excited to work alongside Graham Partners while continuing to hold an ownership stake in the company."
"Graham was attracted to Teamvantage's niche market position and differentiated offering," Joe Heinmiller, managing principal at Graham Partners, said. "The business has a strong focus on materials science and engineering, which cements its position as a value-added partner to its customers."
Teamvantage specializes in clean room injection molding, precision machining and assembly. Its other capabilities include thermoplastic injection molding, micro molding, silicone molding and PEEK and precision metal machining.
Teamvantange ranks No. 155 in the current Plastics News survey of North American injection molders with estimated annual molding sales of $42 million.
Graham Partners first entered the injection molded medical goods sector in 2018 with an investment in Medbio L.L.C. of Grand Rapids, Mich.