Investment firm Smile Invest has acquired Eindhoven, Netherlands-based IGS BV, a mold maker for optical and medical end markets.
IGS, which does business as IGS GeboJagema, had been owned by investment firm Nordian Capital Partners since 2016. Terms were not disclosed.
"This acquisition signifies the next phase for the high-tech company in Eindhoven, in which it intends to develop the American market further," a March 29 news release said.
"We are in the process of expanding to the United States, where we have many opportunities for our medical applications," Peter Mertens, CEO of IGS, said in the release. "Clients cannot and do not want to take any risks with medical applications. We take care of all aspects concerning precision, quality, and continuous validation.
Mertens will stay on as CEO until a successor is found by the end of 2022, when he will assume a seat on the company's strategy board, the release said.
He is also reinvesting in IGS with Smile Invest and Rabo Corporate Investments as the new owners.
Smile Invest has offices in Leuven and The Hague in the Netherlands, and focuses on companies active in technology, health care and digital services.
"Smile Invest's entrepreneurial network opens up new opportunities for us, particularly with its knowledge, experience, and extensive contacts," Mertens said. "Nordian Capital has greatly helped and stimulated us as our sparring partner and with its insights and guidance in terms of financial and commercial management."
IGS makes injection tooling for production of high-precision applications like contact lenses, asthma inhalers, insulin pens, and blood-diagnostic devices. The company employs 120.