SK Carves LISI Medical from LISI Group

SK Capital Partners has agreed to acquire LISI Group’s medical division, LISI Medical, a contract development and manufacturing organization specializing in components used by medical device OEMs.

LISI Medical is a contract development and manufacturing organization (CDMO) that produces high-precision metal components and assemblies for global medical device original equipment manufacturers (OEMs).

LISI Medical’s product portfolio includes surgical instruments for minimally invasive and robotic-assisted procedures, as well as orthopedic implants such as screws, plates, and spinal components. Customers of LISI Medical are typically large MedTech OEMs that require stringent quality control and engineering expertise, and manufacturing capabilities that include forging and precision machining.

LISI Medical was founded in 2007 as a division of LISI Group and today is led by CEO Jean-Philippe Kohler. The company is headquartered near Lyon in Miribel, France, and operates four manufacturing facilities: two in Minnesota (United States) and two in France.

LISI Medical’s U.S. operations focus on orthopedic device manufacturing, while the French sites specialize in high-precision machining and finishing for surgical instruments.

LISI Medical operates within the medical device contract manufacturing industry, a sector experiencing steady growth fueled by rising demand for minimally invasive procedures and outsourcing trends among OEMs. According to Fortune Business Insights, the global medical device contract manufacturing market was valued at $66 billion in 2022 and is projected to reach $146 billion by 2030, growing at a CAGR of 10.4%.

“We feel privileged to partner with LISI Group to acquire LISI Medical, whose deep engineering heritage and cutting-edge manufacturing technologies enable it to serve as a critical solutions provider for the world’s largest MedTech OEM customers,” said Josh Lieberman, a principal at SK Capital. “We look forward to working with LISI Medical’s management team to accelerate the company’s growth by expanding with existing and new customers and continuing to add new capabilities both organically and through M&A.”

LISI Group is a French industrial manufacturer that develops high value-added fastening and assembly components that are used in the aerospace, automotive, and medical sectors. In addition to LISI Medical, the group operates two other divisions: LISI Aerospace and LISI Automotive.

LISI Group is headquartered near Zurich in Belfort, France, and operates over 40 industrial sites globally, including locations in France, Germany, the U.S., Mexico, China, and Tunisia. The company is led by CEO Emmanuel Viellard, who represents the founding Viellard family, a major shareholder of the business.

LISI Group formed LISI Medical through several acquisitions that it made in 2007, including Hugueny, a France-based maker of spinal implants; Jeropa, a California-based maker of dental implants; Seignol, a France-based maker of surgical implants and ancillary devices; Intermed Application, a France-based provider of finishing services such as spectro-coloring (decorative/anodizing), laser marking, decontamination, and clean-room packaging; and Lixus, a Morocco-based maker of dental and orthopedic implants. In 2010, LISI Medical added on again with the buy of Stryker Corporation’s France-based forged implant facility.

“After 14 years of strong development and manufacturing consolidation within LISI Group, we are now looking forward to partner with SK Capital and boost LISI Medical’s next development phase,” said Mr. Viellard.

SK Capital Partners invests in the specialty materials, chemicals, and pharmaceutical sectors and typically invests equity of $100 million to $200 million in each portfolio company. Its most recent fund, SK Capital Partners VI LP, closed in April 2024 with $2.95 billion in capital commitments. SK Capital was co-founded by Barry Siadat and Jamshid Keynejad and is based in New York City.

“Given LISI Medical’s highly engineered solutions and deep relationships with leading MedTech customers, the company fits very well within the SK Capital portfolio,” said Aaron Davenport, a managing director at SK Capital.

Piper Sandler, Jefferies, and Sycomore Corporate Finance are the financial advisors to SK Capital, and Rothschild is the financial advisor to LISI Group. Partners Group is supplying committed debt financing to support the transaction.

The closing of this transaction is expected before the end of 2025.

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