Forest Lake, Minn.-based medical device injection molder Teamvantage Molding LLC acquired medical device manufacturer MMD Medical LLC, the medical division of Brooklyn Park, Minn.-based Metro Mold & Design, in a deal that closed at the end of December.
Located in a 100,000-square-foot manufacturing facility, MMD Medical's capabilities include injection molding, precision machining and tooling, a Jan. 24 news release said.
"The business is highly synergistic to the existing Teamvantage platform, which we expect will create a one-stop shop with differentiated precision manufacturing capabilities serving a broad customer base of tenured, growing customers," Graham Partners, which purchased Teamvantage in 2020, said in the release.
Graham doesn't plan to make any leadership or workforce changes at MMD Medical, Joe Heinmiller, managing principal at Graham, told Plastics News in an emailed statement.
"We are looking forward to better serving both Teamvantage's and MMD Medical's customers with access to additional capabilities and capacity to grow," Heinmiller said.
Graham Partners declined to comment on the terms of the deal.
"The MMD Medical acquisition creates the potential for meaningful value creation, and I look forward to leading the company as we grow organically and via acquisitions, as we will see considerable growth in capability and capacity as we execute our strategic plan," David Hemink, Teamvantage's recently named CEO, said in a statement.
Hemink will "help guide the company through the next phase of growth," Heinmiller added.
Graham Partners is a Newtown Square, Pa.-based private equity firm.
Metro Mold had two plants near Minneapolis. The Brooklyn Park plant, which is now part of Teamvantage, does medical injection molding and also houses the company's tooling operations. The Rogers, Minn., plant does thermoplastic and thermoset injection molding and blow molding for consumer and industrial customers. Each plant had about 100 employees and combined annual sales of between $80 million and $100 million, according to a 2020 PN story.