TruArc Partners, a private equity firm focused on the middle-market, has acquired Molded Devices, from PNC Mezzanine Capital and Molded Devices founder Brian Anderson.
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Business deal
Molded Devices provides plastic and rubber component manufacturing solutions for medical and non-medical applications.
Molded Devices’ core manufacturing capabilities include injection moulding, tube extrusion, blow moulding, dip moulding, and dip coating. The company also provides value-added services including cleanroom assembly for advanced medical device production, product design and development, and engineering and tooling support.
John Pless, co-managing partner at TruArc Partners, said: “Within our specialty manufacturing strategy, we have been looking for opportunities with significant exposure to the growing healthcare market. We believe Molded Devices, with its unique capabilities and robust customer relationships, is well-positioned to continue the momentum it has across the business, with a focus on deepening its capabilities across the medical market.”
Jack Slinger, CEO and president of Molded Devices, added: “We have built a phenomenal business and today operate with more scale than ever. In this next chapter of growth, we hope to further broaden our set of manufacturing and value-added capabilities and become a market leader in servicing medical OEMs. We look forward to working with the TruArc team to leverage their experience in specialty manufacturing, sales and marketing, and other strategic areas to achieve this goal."
Jack Slinger will continue in his role with the company and Molded Devices founder Brian Anderson will remain as a key member of the board. Gregg Tobin, an advisor to TruArc, will join as executive chairman. Jay Twombly, an operating partner at TruArc, will also join as a member of the board.
