Golden Gate Capital has agreed to sell its portfolio company Phillips-Medisize Corporation to Molex. Golden Gate acquired the company in June 2014 from Kohlberg & Company.
Phillips-Medisize is an outsourced provider of design and manufacturing services to the medical device and diagnostics, drug delivery, and commercial markets. The company has annual sales of over $700 million with 80% of revenue coming from such products as disposable insulin pens, glucose meters, inhalation devices, single use surgical devices and consumable diagnostic components. The company employs over 4,300 people in 17 production locations throughout the United States, Europe, Mexico and China. Phillips-Medisize is headquartered east of Minneapolis in Hudson, WI (www.phillipsmedisize.com).
The founding of Phillips-Medisize dates back to 1964 when Robert Cervenka and Louie Vokurka founded Phillips Plastics. The company was sold to Kohlberg & Company in 2010. In 2011 Phillips acquired European molder Medisize to become Phillips-Medisize. Golden Gate Capital then bought Phillips-Medisize from Kohlberg & Company in 2014. In June 2016, Phillips-Medisize acquired Injectronics, a Boston-based contract engineering and manufacturing services provider to the consumable diagnostics and medical device sector.
“In just three years of our ownership, Phillips-Medisize has executed on a transformative vision to become a global leader in the manufacturing of biologics drug delivery devices. We would like to thank all the employees for their hard work and wish them well in the future,” said Rajeev Amara, a Managing Director of Golden Gate Capital.
Golden Gate Capital targets companies across a range of industries and transaction types, including leveraged buyouts, recapitalizations, corporate divestitures and spin-offs, build-ups and venture stage investing. The firm has approximately $12 billion of capital under management and is based in San Francisco (www.goldengatecap.com).
Molex, a subsidiary of Koch Industries, is a manufacturer of electronic, electrical and fiber optic interconnection systems. The company is headquartered in the Chicago suburb of Lisle (www.molex.com).
Morgan Stanley & Co. (www.morganstanley.com) is the financial advisor to Molex on this transaction.
© 2016 Private Equity Professional • 8-18-16
