Protective Industries Inc. has stepped forward as the new owner of medical molder Medbio LLC. Protective Industries is owned by investment company Berwind Corp.
Graham Partners announced the sale of Grand Rapids, Mich.-based Medbio Nov. 23 but did not identify the new owner.
Medbio joins brands including Caplugs, Mokon and Tristar in the Protective Industries group, and it "will benefit from overlap with our medical and biotech customers," the company said in a Nov. 29 news release.
Caplugs has 10 manufacturing plants, located in New York, Pennsylvania, California, Texas, the Netherlands, Belgium, Australia, Canada and China.
"I am excited to continue to improve our customer offerings and company capabilities in conjunction with the resources and expertise of Berwind and Protective Industries Inc.," Medbio CEO Christopher Williams said in the release.
"Medbio looks forward to growing the brand and serving our customers, through both organic growth and strategic acquisitions," Medbio said.
Medbio is currently expanding its injection molding facilities in Orchard Park, N.Y., and Grand Rapids to bring additional clean room manufacturing, warehouse and office space to both locations.
Philadelphia-based Berwind bought Protective Industries and Caplugs in 2015. Caplugs is based in Buffalo, N.Y., and was founded in 1948. Its plastics manufacturing capabilities include injection molding, vinyl-dip molding, vinyl coating, extrusion, compression molding and die-cutting.
Medbio was No. 91 in Plastics News' most recent ranking of North American injection molders with $90 million in annual sales in the region and No. 94 among North American mold makers with $4.3 million in sales. It also has liquid silicone rubber operations.
Williams said Graham Holdings' "operational, manufacturing and financial expertise catalyzed our business, positioning us for future lasting growth and profitability." Williams' family sold a majority stake in Medbio to Graham in 2018.
Medbio specializes in clean room injection molding processes for medical device, life science and biotechnology components.