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November 12, 2020 10:29 AM

Graham Partners buys Teamvantage as 'platform company'

Sarah Kominek
Sarah Kominek
Staff Reporter
Plastics News Staff
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    Private investment firm Graham Partners acquired Forest Lake, Minn.-based injection medical device molder Teamvantage Molding LLC, effective Nov. 2.

    "We are excited to grow our business through this strategic partnership," Teamvantage said in a Nov. 10 news release. "Going forward, we will continue to provide our brand of best-in-class service supported by the latest advancements in technology and equipment."

    Teamvantage will maintain its existing management teams for all day-to-day operations, a Nov. 3 release by Graham Partners said.

    The medical and defense supplier was "an attractive investment opportunity" due to "an industrywide conversion toward outsourced manufacturing in the medical device sector, as well as conversions toward minimally invasive surgical procedures, disposable products and plastics," the release said.

    Thomas Caron, vice president of sales and marketing at Teamvantage, told Plastics News the sale is intended to be "a soft landing for the entire company," as Teamvantage's previous owner Ray Newkirk, who is still "significantly" invested in the company, progresses in age.

    "Graham was the perfect strategic fit for Teamvantage due to their network of industry relationships, operational expertise and track record of health care and defense investing," Newkirk said in the release. "I'm excited to work alongside Graham Partners while continuing to hold an ownership stake in the company."

    Under Graham, Teamvantage will be a platform company, Caron said. "There will be other acquisitions that will be part of the Teamvantage platform."

    Going forward, he added, Graham, which "is known for growing companies as opposed to taking them apart," will "manage the business and provide support as needed."

    "We'll be able to make purchases we wouldn't have considered beforehand," Caron said.

    Teamvantage expects to add clean room space, move some contract manufacturing to another part of the building and expand its silicone molding capacity, Caron said.

    "Graham was attracted to Teamvantage's niche market position and differentiated offering," Joe Heinmiller, managing principal at Graham Partners, said. "The business has a strong focus on materials science and engineering, which cements its position as a value-added partner to its customers."

    Teamvantage specializes in clean room injection molding, precision machining and assembly. Its other capabilities include thermoplastic injection molding, micromolding, silicone molding, and PEEK and precision metal machining.

    Teamvantage ranks No. 155 in the current PN survey of North American injection molders with estimated annual molding sales of $42 million.

    Graham Partners first entered the injection molded medical goods sector in 2018 with an investment in Medbio LLC of Grand Rapids, Mich.

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