ILC Dover eyes growth after acquiring Flexan

NEW YORK—ILC Dover, an affiliate of New Mountain Capital L.L.C., has acquired Flexan L.L.C., a medical device design and manufacturing organization that specializes in silicone, thermoplastic and specialty rubber components.

Terms of the transaction were not disclosed. The transaction was first announced in late July and completed in August, according to a New Mountain spokesman.

"Flexan's expertise in silicone molding and thermoplastic extrusion enables the company to deliver mission-critical components and devices to medical device manufacturers and ultimately improve patient care," New Mountain Managing Director Andre Moura said in a news release. "We look forward to working closely with the management teams at Flexan and ILC Dover to drive the next chapter of growth and innovation across life sciences markets."

Founded in 1946, Lincolnshire, Ill.-based Flexan serves many of the world's largest medical device companies.

The combined company will "leverage their respective expertise and capabilities to serve a broader client base situated in both medical device and bio-pharmaceutical end markets," New Mountain said.

Flexan has about 800 employees across four FDA-registered sites in Lincolnshire; Chicago; Salt Lake City; and Suzhou, China.

All four of Flexan's facilities produce niche, contracted medical components, though Chicago remains the spot for rubber molding and overmolding to different metal components. For instance, Flexan produces valve controls and pumps in Chicago for Caterpillar-brand U.S. Army vehicles, and aerospace and agriculture remain important markets for Flexan as well.

After years of experience in the rubber molding sector, Flexan established FMI (Flexan Medical Division) in 1989. This quickly proved to be a boon for Flexan, leading to global expansion with the establishment of the Suzhou facility in 2004.

"Our end markets are expansive," Mike Huiras, Flexan vice president of sales and marketing, told Rubber News earlier this year. "If you look at Salt Lake, it is a little more upstream in the medical vascular access space, producing catheters, split catheters, tunnelers and a whole range of dilators. Even in Chicago we have a number of medical components. Chicago assisted with the ventilator projects that saw a massive increase due to COVID."

Flexan represents ILC Dover's second acquisition since partnering with New Mountain Capital in early 2020. Last September, ILC Dover acquired Solo Containment Ltd., which manufactures flexible film isolators in the United Kingdom.

ILC Dover, based in Frederica, Del., primarily serves the life sciences industries (pharmaceutical, bio-pharmaceutical, flood protection, bulk protection and aerospace end markets) with its flexible design solutions, according to ILC's website.

New Mountain currently manages private and public equity, and credit funds with over $33 billion in assets under management.

New Mountain Capital declined further comment and Flexan did not return calls from Rubber News seeking comment.