Flambeau Medical Markets Group, part of the Nordic Group of Cos. Ltd., has formed a joint venture with Newport Beach, Calif.-based venture capital firm Two Styx Capital.
The partnership only involves Flambeau's medical division in Phoenix, Sonja Stauffacher, vice president of administration and marketing at Baraboo, Wis.-bsed Nordic Group, told Plastics News.
The company will continue to operate as Flambeau Medical Manufacturing Solutions and all its employees will continue in their roles, an Oct. 23 news release said.
David Mabie joins as Flambeau Medical's operating partner and executive vice president, along with several new executives from TSC in business development, production management, operations, engineering and automation, it said.
"Under the tutelage of Rod Trujillo and Casper Zublin, founders of Two Styx, with David Mabie and Jose Castro's management, we believe our partnership will lend medical device and life sciences manufacturing expertise to the medical industry at large," Stauffacher said.
Nordic Group declined to comment on the terms of the agreement.
"This partnership venture with TSC will enable Flambeau Medical's Phoenix operation to excel in its support of medical device applications," Jason Sauey, chairman of Nordic Group, said in the release. "We look to further augment those capabilities through strategic investment in human capital as well as capital equipment."
"The foundation Flambeau Medical has built over the past decade will allow TSC the opportunity to implement our manufacturing playbook," Trujillo said. "We will remain focused on increasing innovation and manufacturing efforts in the life sciences industries."