Medical and biotechnology contract manufacturer Medbio Inc. has acquired AIM Plastics Inc., an injection molder of medical device components based in Clinton Township, Mich., a suburb of Detroit.
Terms of the deal, which was announced Feb. 19, were not disclosed.
AIM offers controlled environment injection molding, including two-shot molding and scientific molding. Press sizes range from 35-440 tons, according to the company's website. In addition, AIM has in-house mold design and tooling capabilities as well as a 6,000-square-foot Class 7 clean room at its facility.
AIM ranks No. 311 on Plastics News' annual listing of North American injection molders. Injection molding sales were $12.9 million for 2017's fiscal year ending June 30. According to the listing, the company has 34 presses across two injection molding plants. The company employs 71.
Stout served as exclusive sell-side adviser and Mike Benson was the managing director who led the transaction.
Medbio, based in Grand Rapids, Mich., is owned by private equity firm Graham Partners of Newton Square, Pa.
Graham Partners acquired a majority ownership share in Medbio in July.
“AIM is a truly transformative add-on acquisition for Medbio,” Joe Heinmiller, managing principal at Graham Partners, said in a statement. “We are looking forward to combining these two industry-leading businesses into a larger, more diversified medical device outsourced manufacturer with additional capabilities."
Plastics News has reached out to Medbio for further comment.
In January, Medbio opened a newly renovated 25,000-square-foot facility next to its existing 65,000-square-foot building. The company said it is using the additional space for its medical device and diagnostic assembly as well packaging operations. The site also provides the company with an additional 12,000 square feet for a Class 7 clean room.
Medbio employs around 180 and has 42 electric, hydraulic and hybrid presses between 17-220 tons. The company ranks No. 240 on PN's injection molder listing, with sales of $26 million in 2017.