Medin Technologies Inc. announced recently its new, wholly-owned subsidiary, AMT Medical Inc., has completed the add-on acquisition of Monroe, Washington-based Advantage Manufacturing Technologies Inc., a manufacturer of orthopedic implants.
Medin Technologies, a medical contract manufacturer, is based in Totowa and owned by Seven Point Equity Partners.
Under terms of the deal, David Parsons, the former owner of Advantage Manufacturing Technologies, has retained a minority ownership position in the company and will serve on the executive committee. Stephen Goddard, operating partner at Seven Point, has been named CEO of AMT Medical, reporting to Bill Donaldson, CEO of Medin Technologies.
“We are excited to have completed this important add-on acquisition,” Donaldson said. “Medin’s strategic goal is to provide world-class quality and performance across multiple product and component lines as a full-service manufacturing partner to our orthopedic OEM customers. Together, with AMT Medical, we can execute that strategy on a more comprehensive scale. Just as we have done with Medin Technologies, we plan to invest aggressively in AMT Medical, and over time, integrate the two companies’ operations more thoroughly to deliver value to our customers.”
“Acquiring AMT strengthens Medin Technologies’ business model and offers compelling, immediate and long-term operational and strategic value. In addition to participating in two attractive markets in cases and trays and orthopedic implants, the combined companies serve a diverse set of high growth end markets in trauma, extremity, spine, knee and hips. We provided 100% of the capital required for the acquisition as equity capital, reflecting our desire to give the management team maximum flexibility to invest in the business and grow aggressively,” Tom Burchill, managing partner, Seven Point, said
Benesch, Friedlander, Coplan & Aronoff LLP acted as legal advisor to Seven Point and Medin Technologies in the deal. The Tracy Law Group acted as legal advisor and Kinsella Group served as financial advisor to Advantage Manufacturing.
“This additional investment in Medin Technologies highlights our strategy of acquiring businesses with complex capital and operational needs and transforming them with talented operating partners, in this case, with the Medin management team led by CEO Bill Donaldson and AMT Medical CEO Stephen Goddard. AMT Medical is our second investment in the medical manufacturing sector and demonstrates our commitment to the industry,” Mark Kammert, partner at Seven Point and board member at Medin, said.
Financial terms were not disclosed.
