Southfield, Mich.-based SyBridge Technologies has purchased Fairview, Pa.-based X-Cell Tool and Mold Inc., which manufactures close-tolerance and multicavity plastic injection molds for the medical, consumer goods and electronics industries.
The acquisition, which is SyBridge's first in the medical tooling sector, will supplement the platform's presence in the automotive market through its subsidiary, Concours Technologies Inc., formerly Concours Mold Inc., a Nov. 18 news release said.
The deal expands SyBridge's tooling capabilities "to include highly complex precision tooling solutions necessary for the medical industry," the release said. "As a part of SyBridge, X-Cell will be able to leverage design, engineering, supply chain and production capabilities to better serve and grow with its customers."
"We are proud to become the anchor for a new medical business unit," Ron Novel, CEO of X-Cell, said. "Becoming part of SyBridge is a win-win situation for X-Cell and our employees, and we look forward to accelerating growth and expanding our ability to service our customers as part of SyBridge."
New York-based private equity firm Crestview Partners created SyBridge Technologies in 2019 to invest $200 million in equity and acquire and integrate global tooling and mold companies.
SyBridge acquired Lakeshore, Ontario-based Concours in 2019. Financial backing through SyBridge and Crestview supported Concours' acquisition of Valiant Tool and Mold Inc. of Windsor, Ontario, in January 2020.
Concours is No. 5 in Plastics News' most recent ranking of tool and mold makers with $100 million in annual sales. X-Cell is No. 45 with $12.1 million in sales.
"X-Cell is a strong beginning to SyBridge building a leading franchise in the medical tooling industry," Tony Nardone, CEO of SyBridge, said in the release. "Through continuing to grow with new and existing customers and targeted acquisitions which will complement X-Cell, we are highly optimistic about our growth prospects within the medical industry."
MBS Advisors of Florence, Mass., represented SyBridge in the transaction.
X-Cell did not immediately respond to inquiry for comment by Plastics News, including the terms of the deal.