Strong Precision Technologies, a portfolio company of Tricor Pacific Capital, has acquired MedTorque, a medical device contract manufacturer. The investment marks SPT’s fourth acquisition since its formation by Tricor in June 2011.
MedTorque is a provider of contract manufacturing services to the medical device industry with a focus on highly complex orthopedic and spinal applications. MedTorque services include assembly, bead blasting, electropolishing, heat treating, laser marking, passivation, silicone molding (for surgical instrument handles) and laser welding. The company is based Kenosha, WI (www.medtorque.com).
MedTorque will continue to operate in Kenosha and will be led by its existing senior management team, who become shareholders of SPT. MedTorque becomes part of SPT’s business segment focused on medical device applications, joining SPT’s Inland Midwest business.
Strong Precision Technologies (“SPT”) is a provider of high tolerance precision machined components and assemblies for OEMs in the medical device and industrial markets. SPT operates four business units: Comet Tool; Duro-Life; Inland Midwest; and now, MedTorque. The company is based in Elk Grove Village, IL (www.strongprecision.com).
“By partnering the existing capabilities of Inland Midwest with those of MedTorque, the combined business can offer a single-source solution for surgical instruments and implants,” said John Long, CEO of SPT. “The combination of best-in-class precision machining with the related value-added services is unique within the industry and allows us to better serve our customers.”
The acquisition was made with the support of SPT’s senior debt financing partner, The PrivateBank. Katten Muchin Rosenman acted as legal advisor to SPT in connection with the transaction.
Tricor Pacific invests in middle-market companies with enterprise values from $25 million to $250 million in the manufacturing, service, distribution and consumer product sectors that are located in the west and mid-west regions of Canada and the United States. The firm currently manages approximately $1 billion of capital and is investing its fourth fund with $555 million in committed capital. Tricor Pacific was founded in 1996 and is headquartered in Vancouver with an additional office in Chicago (www.tricorpacific.com).
© 2012 PEPD • Private Equity’s Leading News Magazine • 10-26-12
