Private equity-backed Westfall Technik has acquired NPI Medical, a portfolio company of Tonka Bay Equity Partners.
NPI Medical specializes in prototype-to-production services in the medical device, life science and healthcare markets. The company’s capabilities include quick turn manufacturing for short runs, production injection molding for high volume programs, and a full-service tool room. Customers of NPI include large medical OEMs, design shops and contract manufacturers.
NPI Medical has both clean room and white room molding capabilities, primarily for medical devices and disposables. The company has a 66,000 sq. ft. facility with 46 injection molding machines ranging in size from 28 to 330 tons of clamp force. Additionally, NPI has one Class 8 and two Class 7 clean rooms that are used for both injection molding and assembly. NPI was founded in 1967and is headquartered west of New Haven in Ansonia, CT (www.npi-med.com). Tonka Bay acquired NPI in November 2015.
Westfall Technik was formed in October 2017 by Lee Equity Partners, BlackBern Partners and plastics industry executive Brian Jones, the former President and CEO of Nypro, as a platform to build a market leading plastics services provider. The first two acquisitions of Westfall Technik were Fairway Injection Molds, a Walnut, CA-based manufacturer of multi-cavity injection molds; and Tempe, AZ-based Integrity Mold, a manufacturer of plastic injection molded parts, integrated assemblies, and injection molding tool fabrication. The buy of NPI provides Westfall Technik with an east coast injection molding facility, complementary production capabilities, and increased scale. Westfall Technik is based near Phoenix in Chandler, AZ (www.westfall-technik.com).
Lee Equity Partners focuses on control buyouts and growth capital financings, typically investing $50 million to $100 million of equity per transaction. Target companies have enterprise values of $100 million to $500 million and are located in the United States. Sectors of interest include business services; consumer and retail; distribution and logistics; financial services; healthcare services; and media. The firm is based in New York (www.leeequity.com).
BlackBern Partners invests in mature operating companies in the lower middle market. The firm was founded in 2010 by Ian Black and Jonathan Bernstein and is based in New York (www.blackbernpartners.com).
Tonka Bay invests in manufacturing, value-added distribution and business services companies that have EBITDAs greater than $2 million. The firm is based in the Minneapolis suburb of Minnetonka (www.tonkabayequity.com).
© 2018 Private Equity Professional | May 9, 2018
