PolyTen LLC's four senior managers and a New York fund acquired the equity investment of PolyTen's original financial partner April 30. Terms were not disclosed.
Also, the Washington, N.C.-based company changed its name to Coeur Inc. and dropped the PolyTen identity.
The acquiring fund, HKW Capital Partners II LP, is part of private equity group Hammond Kennedy Whitney and Co. Inc., which has offices in New York, Chicago and Indianapolis. The firm sponsors management buyouts.
The equity seller, Bison Investments Inc. of Tampa, Fla., helped found PolyTen in February 1998.
Significantly increasing Coeur ownership stakes are Jay Cude, Coeur president; J. Michael Cude, executive vice president; Don McClintock, vice president of sales and marketing; and Debra Manning, vice president of quality and regulatory affairs. Jay and Michael Cude are brothers.
Coeur employs 65, has 40,000 square feet of space at its North Carolina facility and had 2002 sales of $8.6 million. McClintock projects sales will exceed $10 million this year.
The business has two divisions with a total of seven Van Dorn Demag presses with clamping forces of 230-500 tons. Coeur Medical markets high-volume, high-pressure syringes for delivery of contrast agents during medical imaging and accounts for about 75 percent of the business. Coeur Plastics has full services in design, injection molding, assembly and packaging.
The business acquired injection molder Pamlico Technical Molding Inc. in Washington in September 1998 and PharmaNetics Inc. subsidiary Coeur Laboratories Inc. in Raleigh, N.C., in June 1999. Work was consolidated in Washington where the firm added particle-removal and other controlled-environment systems in 2000 to improve medical-related processing.
HKW, which made Coeur its first investment in a medical-device firm, now has other plastics-related holdings. HKW interests invested $41 million in automotive supplier Nyloncraft Inc. of Mishawaka, Ind., in January 2002 and undisclosed amounts in twine and synthetic rope maker Polymer Technologies Inc. of Clearfield, Utah, in March 2000 and composites processor Reinhold Industries Inc. of Santa Fe Springs, Calif., in May 1999.