ILC Dover, a portfolio company of New Mountain Capital, has agreed to acquire Flexan, a provider of medical device contract design and manufacturing services, from Linden Capital Partners. Linden acquired Flexan in February 2015.
Flexan specializes in silicone, rubber, and thermoplastic components used in the medical device industry. These products are cleanroom manufactured, assembled, and packaged and are used in implantable Class III and disposable Class II and Class I medical devices.
Flexan’s products are also used in hearing technology, miniature pneumatics, industrial controls, and aerospace and defense applications. Flexan was founded in 1946 and is headquartered near Chicago in Lincolnshire, Illinois with additional facilities in Chicago, Salt Lake City, and near Shanghai in Suzhou, China.
“Flexan’s expertise in silicone molding and thermoplastic extrusion enables the company to deliver mission-critical components and devices to medical device manufacturers and ultimately improve patient care,” said Andre Moura, a managing director at New Mountain. “We look forward to working closely with the management teams at Flexan and ILC Dover to drive the next chapter of growth and innovation across life sciences markets.”
New Mountain acquired ILC Dover from Behrman Capital in February 2020. The buy of Flexan is the second add-on acquisition completed by ILC Dover under New Mountain ownership. In September 2020, Flexan purchased Solo Containment, a UK-based maker of flexible films used in pharmaceutical and biopharmaceutical applications.
ILC Dover is a designer and manufacturer of flexible fabric and film protective products used in pharmaceutical and biopharmaceutical, flood protection, personal protection, bulk packaging, and aerospace applications. The company’s products include spacesuits for NASA which have been worn during 250 space flights, 6 moon landings, and over 3,000 hours of spacewalks without a single failure. ILC Dover was founded in 1947 and is based in Frederica, Delaware.
New Mountain is an industry generalist and invests between $100 million and $500 million per transaction in companies with enterprise values typically between $100 million and $1 billion. The firm, founded in 2000 and headquartered in New York City, has 175 investment professionals and staff and now manages over $33 billion in aggregate assets in private equity, credit, net lease real estate and public equity funds.
In January 2021, New Mountain closed two new private equity funds with $10.2 billion in total capital commitments. The two funds include its flagship fund, New Mountain Partners VI LP, with $9.6 billion of capital, and the firm’s first non-control private equity fund, Strategic Equity Fund I LP with $640 million of capital.
Baird was the financial advisor to Flexan on this transaction and BNP Paribas advised New Mountain.
This transaction is expected to close by the end of August 2021.
© 2021 Private Equity Professional | July 27, 2021
