SOLON, Ohio—Biopharma is an industry of focus for Q Holding Co. So when it saw an opportunity to significantly enhance its offerings, it took advantage.
The firm has acquired TBL Performance Plastics, a Sparta, N.J.-based manufacturer of single-use bioprocess components and systems, including fittings, tubing, single-use assemblies and fabrication.
The company is split about evenly between thermoplastic elastomers and plastics. It employs 25 at its 20,000-sq.-ft. site and has enough space to double its footprint if needed. Financial terms were not disclosed, but Q Holding confirmed that the deal is finalized.
"This is an area we wanted to expand and are really focusing on," said Eitan Machover, vice president of corporate development at Q Holding. "It's a great market with a very nice profile right now thanks to all of the advancement in the bio technology, personalized medicine and gene therapy. This is an area that's very exciting to us."
The TBL deal will allow Q Holding to expand its presence in the biopharma sector. Currently, Q Holding serves that industry through its England-based Silicone Altimex subsidiary, which manufactures silicone extruded and molded products for that space.
TBL brings thermoplastic capabilities and a stronger presence in the North American market. The company will be combined with Silicone Altimex to form a new yet-to-be named Q Holding division focused on biopharma.
Q Holding currently operates two divisions—Quality Synthetic Rubber focuses on non-medical and industrial applications and Q Medical Devices produces components and sub-assemblies for the medical device industry.
"When we founded the company, we founded it as a single-use technology applications company with a full portfolio of products to serve that market," TBL CEO P. Robert DuPont Jr. said. "Our revenue is based on one piece of the pie. To basically marry the silicone capability and the things the Q team had assembled just made sense to us to have a really, really broad portfolio, both horizontally and vertically into the market. We feel that this is really the next step to our strategic plan."
TBL primarily produces fluid management systems like tubing, fittings, containers, bottles and bags, among other products. The firm also brings to the table assembly and sterilization services.
Q Holding said it has been supplying TBL its silicone extruded tubing and some silicone molded components for many years. Machover said that relationship helped set the foundation for the deal, adding that TBL's thermoplastic capabilities will help strengthen Q Holding's overall product offerings, especially on the extrusion side.
TBL also gives Q Holding Class 7 clean room manufacturing capabilities in the U.S. to go with its existing footprint in England. Q Holding is headquartered in Solon, Ohio, and operates locations in North America, Mexico, Europe, the Middle East, India and China throughout its divisions.
"The growth that we see in the single-use technology market is very significant," Machover said. "It's a multi-billion-dollar opportunity that's dominated by some large OEMs, but there is a huge opportunity for a second-tier player to come in and build a nice capability focused on customer service and some niche capabilities."
DuPont added that TBL has a variety of manufacturing processes across a broad range of disciplines. In addition to molding and extrusion, the firm has fabrication, welding and its own tooling capabilities.
"Some of the magic in the acquisition is that we're so vertical," DuPont said. "The elastomers are now paring up with the rigid fittings and the components are coming together. I think that's a very strong combination for the end-user."