Medical coatings provider Applied Plastics (Norwood, MA) has been acquired by Los Angeles–based private equity firm Vance Street Capital LLC. Terms of the transaction, which was announced yesterday, were not disclosed.
|Applied Plastics provides PTFE coating services for hypotubes used in medical devices.|
Founded in 1953, Applied Plastics provides specialty PTFE coatings on wires and other metal-based components for the medical device industry, with a primary emphasis on the advanced catheter market, said a press release from Vance Street Capital. Its customers include leading medical device OEMs and contract manufacturers focused on high-growth micro-catheter segments such as electrophysiology, neurovascular, peripheral vascular, TAVR and neuromodulation.
Applied Plastics CEO Dave Ring is retaining a material ownership position in the company. “We are excited to partner with Vance Street as we look toward our next chapter of growth,” said Ring. “Vance Street’s highly relevant investing and operating experience in the medical manufacturing space made them the ideal partner to help Applied execute on the exciting growth we see across our customer base.”
This is Vance Street’s fourth investment in the medical space in the past three years and the sixth investment in the Fund II portfolio, which includes Motion Dynamics, a manufacturer of wire-based micro-components and sub-assemblies found in micro-catheters; Adam Spence Vascular Solutions, a designer and manufacturer of high-pressure braided tubing and extrusions for the cardiovascular end markets; and A&E Medical, a medical device OEM focused on single-use products used in cardiovascular procedures.