Private investment group Tonka Bay Capital Partners LLC is taking an undisclosed stake in medical molder NPI/Medical.
The Minnetonka, Minn., based investment firm said in a news release that NPI is its sixth platform investment of 2015.
NPI/Medical was spun off and retained by Spell Capital Partners LLC when it sold Spectrum Plastics Inc. to Pexco LLC in 2013. NPI stands for New Product Introduction and the company is committed to providing prototype to production help to medical technology firms.
Tonka Bay, based in Ansonia, Conn., said it is partnering with investor and CEO Randy Ahlm to help accelerate the growth of the company.
“The entire management team is staying on. That's one of the strengths that we have. It is an experienced team throughout the ranks,” Ahlm said in a phone interview.
He said that the company is currently evaluating possible growth opportunities in the medical device and healthcare fields by considering two important questions.
“How do we continue to grow? How do we continue to deliver to our customers?” he said.
NPI/Medical operates a 66,000-square-foot facility in Ansonia. It is able to handle quick turn manufacturing for short runs as well as the injection molding of high volume programs. NPI has a full service tool room and multiple clean rooms. It also does medical clean room assembly, packaging and has liquid silicone rubber capabilities.
Stout Risius Ross served as the exclusive financial advisor for NPI/Medical and Spell Capital.
Tonka Bay's investment portfolio includes micromolder Accumold LLC of Ankeny, Iowa, and prototyper and molder Seaway Plastics Engineering LLC of Port Richey, Fla.