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December 29, 2016 01:00 AM

MedPlast gets new private equity owners

Catherine Kavanaugh
Plastics News
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    Medplast
    MedPlast supports OEMs producing diagnostic, orthopedic, surgical and other products with 1,800 employees producing parts using technical molding, advanced processing and device assembly.

    CHICAGO—Water Street Healthcare Partners, a strategic investment firm focused on health care, has teamed up with the private equity firm JLL Partners to acquire Tempe, Ariz.-based MedPlast Inc., which serves the medical device industry worldwide.

    Terms of the deal weren't disclosed.

    JLL and Water Street bought the company from another private equity group, Baird Capital Partners, which formed the group in 2008.

    MedPlast supports OEMs producing diagnostic, orthopedic, surgical and other products with 1,800 employees producing parts using technical molding, advanced processing and device assembly. The business had been expanding in the last five years to include 11 ISO-certified facilities in the U.S., China, Mexico and United Kingdom.

    MedPlast stands out in the $40 billion market for medical device services because of its extensive global footprint and breadth of capabilities, Daniel Agroskin, a partner with JLL Partners, said in a news release announcing the acquisition.

    Water Street partner Peter Stothman added: "MedPlast has well-established and trusted relationships with the world's leading medical manufacturers who value the company's high-quality standards that meet their demanding industry regulations. We will work with MedPlast's team to expand its suite of capabilities into new areas to form a comprehensive, integrated portfolio of end-to-end product solutions."

    More and more OEMs are outsourcing design, engineering, manufacturing supply chain and logistical services. The acquisition by JLL and Water Street should help MedPlast reach its goal to offer a full line of services to the health care industry, according to MedPlast CEO Harold Faig.

    "For the past eight years, we have optimized our capabilities toward health care," he said in the release. "The acquisition will give us access to expertise and resources to grow our core competencies into areas that will bring considerable value to our customers."

    MedPlast ranks 27th among North American injection molders with estimated annual sales of $275 million, according to Plastic News' latest rankings list.

    The MedPlast deal is the second collaboration between the acquirers, which worked together to build Bioclinica Inc. into a leading provider of specialty outsourced clinical trial solutions.

    JLL Partners is based in New York and Water Street is based in Chicago.

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