GRAND RAPIDS, Mich—Injection molder Medbio L.L.C. is on the acquisition trail again, buying Orchard Park, N.Y.-based medical molder Polymer Conversions Inc.
Terms were not disclosed.
Polymer Conversions was founded in 1979 by Jack and Joan Bertsch, who are selling the company. One of its first jobs was molding eyeballs for Fisher-Price's Kermit the Frog dolls. Today its focus is on highly technical, tight tolerance thermoplastic tools, components, medical devices, assemblies and post molding applications.
Plastics News estimates Polymer Conversions' sales at $25 million, with 115 employees, 30 presses and two locations. In addition to the Orchard Park headquarters, the company launched a sister company in 2015 focused on liquid silicone rubber manufacturing. LSR Silikon Technologies is based in nearby Hamburg, N.Y.
MBS Advisors of Florence, Mass., advised Polymer Conversions on the sale.
This marks the second acquisition for Grand Rapids-based Medbio since private equity firm Graham Partners bought a majority stake in the company in July 2018. While Newtown Square, Pa.-based Graham has extensive experience with plastics processing, the Medbio purchase marked Graham's first foray into the medical molding sector.
In February 2019, Medbio bought AIM Plastics Inc., an injection molder of medical device components based in the Detroit suburb of Clinton Township, Mich.
In a news release, Graham said that together, Medbio and Polymer Conversions "create a premier medical device manufacturing platform of scale, capable of supporting the rapid growth of the company's customers."
It noted that PCI "is highly complementary to the existing Medbio platform, expanding the company's geographic presence, while creating cross-selling opportunities across an attractive base of blue-chip medical device customers."
"Medbio has performed well during the COVID-19 pandemic and we are excited to complete the strategic addition of PCI to continue to grow the Medbio platform," Joe Heinmiller, managing principal at Graham Partners, said in a news release.
Medbio CEO Chris Williams added: "I'm looking forward to partnering with the PCI team to expand Medbio's manufacturing capabilities, while reaching new customers and end markets."
Medbio ranked No. 139 in the most recent Plastics News survey of North American injection molders, with estimated sales of $50 million. Prior to the Polymer Conversions deal, Plastics News estimated that the company has 250 employees, 78 presses and four locations.