Private equity firm Graham Partners has entered injection molded medical goods with an investment in Medbio LLC of Grand Rapids, Mich.
Graham Partners acquired a majority interest in Medbio, effective July 18 for undisclosed terms, according to Graham managing principal Joe Heinmiller.
"Medical is a new platform business," Heinmiller told Plastics News in a phone interview. "We have a history of investing in plastics processing, and this is the latest."
Graham Partners has invested in several plastics firms in the past decade. One of its latest investments is packaging thermoformer Tray-Pak Corp. of Reading, Pa.
Medbio "hits a bull's-eye" in his firm's high growth strategy, Heinmiller explained.
Heinmiller said Graham Partners will partner with Medbio's existing management team to support high growth anticipated for Medbio. In the works are plans to expand Medbio's facility and introduce new technologies.
"Further add-ons are possible," according to Heinmiller.
Medbio specializes in clean room injection molding for medical and biotechnology devices, according to a news release. It also provides mold tooling, device assembly and packaging. Most of its output is in single-use, disposable products. Graham Partners said Medbio occupies a niche with longstanding customers in a market benefiting from material conversion and large-picture health care trends.
Medbio runs more than 30 presses, all Arburg machines, with clamp forces of 17-165 tons. It molds a wide range of thermoplastics, including implantable grades. Its facility, designed for medical molding, boasts a Class 100,000 clean room, two Class 10,000 rooms for assembly, and another, isolated Class 10,000 room for implants production.
"The knowledge, experience and resources Graham Partners brings to the table convinced us they were the right partner to support Medbio during an exciting period of rapid growth," said Medbio President and CEO Chris Williams in a news release.
The Williams family will continue to hold a substantial interest in Medbio, Heinmiller said.
Medbio reported $26 million in corporate sales, with $20 million of that coming from injection molding, in the most Plastics News ranking of North American injection molders. It employs 150.