SK Capital Closes Carve Out of LISI’s Medical Division

SK Capital Partners has closed its buy of the medical division of LISI Group and has rebranded the newly independent company as Precera Medical. LISI Group has retained a minority stake in the business in partnership with SK Capital.

With the close of the transaction, Precera Medical is now a contract development and manufacturing organization (CDMO) that produces high-precision metal components and assemblies for global medical device original equipment manufacturers. The company is headquartered 40 miles northwest of Minneapolis in Big Lake, Minnesota.

Precera’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 the company are typically large MedTech OEMs that require stringent quality control and engineering expertise, and manufacturing capabilities that include forging and precision machining.

Precera, led by CEO Dylan Hushka and CFO Barry Lederman, operates four manufacturing facilities: two in Minnesota, which focus on orthopedic device manufacturing, and two in France, which specialize in high-precision machining and finishing for surgical instruments.

Mr. Hushka joins the company as CEO following prior executive roles at DuPont’s healthcare CDMO business, Spectrum Plastics Group, Nordson Medical, Vention Medical, IMDS, and Covidien (Medtronic). Mr. Lederman is the former CFO of Worldwide Clinical Trials and was also CFO at SK Capital’s portfolio companies Perimeter Solutions and Halo Pharmaceuticals.

“I am proud to join the Precera team and, as a former customer, have been impressed by Precera’s world-class engineering, manufacturing, automation, quality assurance, and customer focus,” said Mr. Hushka. “With more than 75 years of contract development and manufacturing excellence, Precera continues to innovate and invest in enabling market-leading medical device OEMs to launch breakthrough technologies that impact millions of patients each year. This is a new era of precision manufacturing defined by speed, reliability, and uncompromising quality.”

In addition to its new c-suite team, SK Capital has formed an advisory board for Precera that includes Chris Qualters, former CEO of TekniPlex Healthcare; Art Burghouwt, former EVP at Tecomet; Brian Hutchison, former CEO of RTI Surgical; Aaron Davenport, a managing director at SK Capital; Josh Lieberman, a principal at SK Capital; and Emmanuel Viellard, the CEO of LISI Group.

“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 Mr. Davenport.

“We are thrilled to be partnering with Dylan, the management team, LISI and the Board to support the company’s next chapter as Precera Medical,” said Mr. Lieberman. “We plan to support continued investment in capacity and expanded capabilities, both organically and through M&A, to support leading OEMs across the most advanced areas of medical technology and accelerate growth.”

SK Capital’s acquisition and formation of Precera provides the firm with entry into the precision medical device manufacturing space with a platform focused on high-complexity applications such as surgical robotics, minimally invasive surgery, orthopedics, and interventional therapies.

The medical device contract manufacturing industry is a sector experiencing steady growth, fueled by rising demand driven by increased outsourcing from OEMs, greater demand for complex and miniaturized medical technologies, and the need for advanced manufacturing capabilities. 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%.

The CDMO industry supporting the medical device sector continues to experience sustained growth, driven by increased outsourcing from OEMs, greater demand for complex and miniaturized medical technologies, and the need for advanced manufacturing capabilities. According to a recent report by Grand View Research, the global medical device outsourcing market size was estimated at $129 billion in 2024 and is projected to reach $386 billion by 2033, growing at a CAGR of 13.3% from 2025 to 2033.

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 its medical products division, 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 its medical division in 2010 through several acquisitions 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, the medical division added on again with the buy of Stryker Corporation’s France-based forged implant facility.

“This transaction marks the close of an important chapter for LISI Group and the beginning of an exciting one for Precera Medical,” said Mr. Viellard. “I am proud of the growth we achieved since we established the division in 2010. The long-term foundation we invested in, combined with SK Capital’s industry and financial resources, will enable Precera Medical to thrive as an independent company supporting the growth of its customers.”

SK Capital 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 $2.9 billion in capital commitments. SK Capital was co-founded by Barry Siadat and Jamshid Keynejad and is based in New York City.

Piper Sandler, Jefferies, and Sycomore Corporate Finance were the financial advisors to SK Capital, and Rothschild advised LISI Group. Debt financing was led by Partners Group and Deutsche Bank.