CLEVELAND — MedPlast Inc., led by private equity-backed management has grown from combining two companies in 2008 to become a diverse medical processor, with injection molding, two-shot molding, blow molding, extrusion, silicone, compression molding and tooling, said CEO Harold Faig.
“We cover the broad range, and I feel that we have the broadest capability serving the largest segment of the health care market,” Faig said at Plastics in Medical Devices 2014 in Cleveland.
Based in Tempe, Ariz., MedPlast now runs 13 factories in the United States, Mexico, China and Europe. The company serves 10 different market segments, including diagnostic products, surgical aspirators, shunts, orthopedic implants and cardiovascular syringes.
Faig said the focus on medical is important: “Everything we do is about health care. We get up in the morning and we think about health care. We go to sleep at night, we think about health care.”
Building MedPlast was not easy, said Faig and Andrew Brickman, partner in Baird
Capital Partners, who relived the formation of the medical supplier May 8 at the conference, held in the new Cleveland Convention Center. Moderating the session was Andrew Petryk, managing director of Brown Gibbons Lang & Co., which represented the sellers when MedPlast bought part of Allied Tech Products Corp. and Orthoplastics Ltd.
“This deal will go down as the toughest transaction I've ever worked on,” Brickman said, “but it's going to be fruitful.”
Baird Capital bought ATP's engineered rubber and plastics group and K&W Medical Specialties, bringing together five plants. Baird compiled a management team, led by Faig, to run Medplast. Faig has decades of plastics experience, as CEO of Tech Group Inc. and before that, a longtime executive of machinery builder Milacron LLC. He had retired from both companies.
“We got in there thinking we'll just go buy a medical company and call it a day, and scale it [up],” Brickman said. In 2008, the market was “frothy” and selling prices were high.
“We fought it out and formed MedPlast,” he said.
Then the Great Recession hit.
“It was very painful right out of the gate,” Brickman said.