ALPHARETTA, Ga.—Spectrum Plastics Group has purchased Fermatex Vascular Technologies Inc. from Vance Street Capital L.L.C., which had owned the company for only seven months.
Fermatex was previously called WL Gore Jersey Shore, and before that Adam Spence Corp. Spectrum plans to revert to the Adam Spence name, citing its industry recognition, reputation and history.
Terms of the deal weren't disclosed.
Fermatex is a supplier of reinforced medical tubing, catheter subassemblies, and specialty extrusions. The acquired business will exhibit as Adam Spence Vascular Technologies June 12-14 at Medical Design & Manufacturing East in New York.
Spectrum, based in Alpharetta, is an extruder and injection molder with silicone and assembly capabilities.
With estimated sales of $215 million, Spectrum ranks No. 19 among the top North American pipe, profile and tubing extruders, according to Plastics News' rankings.
Founded in 1960, the original Adam Spence was acquired by WL Gore in 2004, then sold to Vance Street Capital in October 2017. It has been a part of the medical device industry for more than 50 years and has about 100 employees working at two adjoining ISO 13485 certified buildings in Wall, N.J. The facilities are 54,000 square feet in total, including certified clean rooms.
Spectrum Plastics CEO Neil Shillingford said in a news release that Fermatex was an attractive target.
"Its heritage and skills suit both our culture and objectives as leading medical device component and contract manufacturers," Shillingford said. "Combined, during this era of industry transition, our operations present exceptional scale and capability to medical device OEMs seeking the proper manufacturing partner for highly specialized components, catheter delivery systems and sub-assemblies."
The Adam Spence facilities will operate under Spectrum Plastics' specialty technologies platform and work in tandem with its Apollo Medical Extrusion Technologies units and brand.
Fermatex CEO Mike Janish will assist in transitioning the New Jersey operation, which he said in a news release will benefit from the global reach and resources of Spectrum.
"Spectrum Plastics is a natural extension for the ambitions we've had here since we started last year and we look forward to embedding ourselves with their team," Janish said.
Janish also is a partner at Vance. He and John LeRosen, a principal at Vance, were previously the CEO and chief financial officer, respectively, of medical tubing and catheter manufacturer Avalon Laboratories.
Vance officials decided to sell because of Fermatex's strategic alignment with the buyer, according to Brian Martin, a partner at Vance.
"Spectrum Plastics Group viewed Fermatex as a strategic asset due to the adjacent categories each business serves, the broad customer base and unique product offering," Martin said in a news release.
Vance plans to stay active with Fermatex and has reinvested a portion of the sale proceeds into Spectrum Plastics Group as part of the transaction, the release also says.
Spectrum has completed eight acquisitions during the last four years to become a comprehensive medical components and plastics manufacturer. Most recently, the group acquired injection molder Apex Resource Technologies in February.
Vance Street Capital is a Los Angeles-based private equity firm focused on middle-market businesses in the medical, aerospace, defense and industrial sectors.