Applied Plastics Co., a company specializing in advanced coatings for the medical end market, has been acquired by Los Angeles-based private equity firm Vance Street Capital LLC.
Based in Norwood, Mass., and founded in 1953, Applied Plastics produces specialty polytetrafluoroethylene (PTFE) coatings used on wires and other metal-based components for the medical device industry. The firm mainly focuses on the advanced catheter market.
The firm's customers are made up of medical device OEMs and contract manufacturers focused on microcatheter segments such as electrophysiology (EP), neurovascular, peripheral vascular, TAVR and neuromodulation.
"We are excited to partner with Vance Street as we look toward our next chapter of growth," Applied CEO David Ring said. "Vance Street's highly relevant investing and operating experience in the medical manufacturing space made them the ideal partner to help Applied execute on the exciting growth we see across our customer base."
Ring will retain a material ownership position in the company. Other terms of the transaction were not disclosed.
The acquisition marks Vance Street's sixth investment out of Vance Street Capital II L.P., and its fourth investment in the medical space in the past three years. Vance Street's other medical investments include Motion Dynamics Corp., Adam Spence Vascular Solutions and A&E Medical Corp.
"Dave Ring has built an industry leading and highly differentiated business that is well positioned across the fastest growing medical end markets," Brian Martin, managing partner at Vance Street, said in a statement. "We're excited to support the Applied team during this next chapter of growth."
John LeRosen, a partner at Vance Street, pointed out that Applied has been on Vance Street's acquisition radar.
"We've known and admired Applied since our prior involvement with Avalon Laboratories, a medical vascular catheter manufacturer, and are thrilled to have the opportunity to partner with a best in class supplier to the medical catheter industry," he said in the statement.
Vance Street Capital is a middle-market private equity firm focused on investing in highly engineered solutions businesses across the medical, aerospace, defense, and industrial sectors.