By: Michael Lauzon
July 16, 2013
Medical device major Vention Medical is expanding again through acquisition.
The South Plainfield, N.J., company said it has bought RiverTech Medical LLC of Chattanooga, Tenn., for undisclosed terms. RiverTech specializes in polyimide tubing, braided polyimide, composite tubing and wire coatings for medical devices.
The purchase will strengthen Vention's development and production capabilities in balloon catheters, catheter assemblies and other minimally invasive medical devices, Vention said in a July 9 news release.
"The addition of RiverTech further strengthens Vention's ability to deliver innovative component technologies to our partners, allowing us to provide customers with more complex solutions faster," noted Vention Medical CEO Dan Croteau in a news release.
Vention expanded in 2011 with the purchase of Atek Medical Group of Grand Rapids, Mich, a medical contract manufacturer with plants in the United States and Costa Rica. In the previous year Vention merged with medical heat-shrink tubing and catheter balloon producer Advanced Polymers Inc. of Salem, N.H. The latter deal launched Vention into the catheter-based market.
RiverTech's shareholders will become Vention shareholders in the acquisition and will continue to lead the RiverTech business, Croteau said.
Vention specializes in components and devices for interventional and minimally invasive surgical products.
Besides the technologies RiverTech brings to the table, Vention's capabilities include heat shrink tubing, complex extrusions, clean room injection molding, catheter balloon production, assembly and packaging.