Anaheim, Calif. — Forest Lake, Minn.-based medical device injection molder Teamvantage Molding LLC is rebranding under its new parent company, Velosity LLC, a contract manufacturing and injection molding platform owned by Graham Partners.
The company is "moving away from [the] distinct brands" that Teamvantage acquired, including MMD Medical, Custom Mold & Design, CMD Precision Manufacturing Group and Paradigme Engineering, Dave Hemink, CEO of Velosity, told Plastics News at MD&M West in Anaheim Feb. 7.
The "businesses have been rolled up into a parent company … that gives us more market penetration, market awareness and a platform to acquire new businesses," Hemink said.
The individual companies' rebranding under Velosity will take place gradually over the next couple of years, he said.
"We're not going to lose the identities of the brands that built who we are and we're making sure that culture is protected," Hemink said. "We've done a lot of internal messaging to make sure [employees] understand the why behind it. Businesses have to change and evolve. … So far, I think the teams are accepting and pleased with it."
Velosity's team "understands the OEM business in medical devices, because many of us have come from that side. We were designing, developing and creating new products in the companies we formerly worked with. [We] have a team that clearly understands contract manufacturing so when we're working with partners and large OEMs, we [speak] their language.
"As we look at evolving into new clinical areas and expanding those relationships … we have a much broader range of capability than we had even a year ago," he said, including assisting OEMs with design, thermoplastic injection molding, tool building, assembly and other services.
"The addition of MMD Medical allows us to have higher capacity," Hemink added. "Moving out of just the specialty low-run, high-complexity type of part, now we can take that same capability and evolve that … and have scale. Now we can work with an OEM whether it's smaller or larger run. We can collapse that into a single offering, and they don't have to go to a second CMO."
Velosity's "vertical integration allows us to move a lot faster for [customers]; they don't have to work with multiple vendors," he said.
Due to shifts in the contract manufacturing market, Hemink said, smaller businesses "are going through succession planning and longer-term viability [to see] where they're going to fit." Those market conditions are helpful to Velosity as it looks to acquire new technologies and capabilities, he said.
"It was the perfect time to align the brand name with the way in which we operate," Hemink added in a Feb. 7 news release. "Although we will have a new name, our mission remains unchanged: to accelerate innovative solutions to our customers, to offer our team members opportunities to succeed and to enhance the ability for our customers to serve their patients and stakeholders."
Velosity provides contract manufacturing, injection molding, precision machining and tooling for medical device OEMs.