Vander-Bend Manufacturing, a maker of metal products used in the medical device sector and a platform company of Aterian Investment Partners, has acquired Omni Components.
Omni is a manufacturer and service provider of consumable medical products used in spinal, cardiovascular, and tendon-related surgeries. The company’s core capabilities include prototyping, CNC Swiss machining, vertical milling, and electrical discharge machining (EDM).
Omni, led by CEO and owner Frank Stone, was founded in 1978 and is headquartered 45 miles northwest of Boston in Hudson, New Hampshire.
Vander-Bend is a prototyper, developer, manufacturer, and assembler of large-format metal products used primarily in the medical technology sector. The company, led by CEO Greg Biggs, was founded in 1979 and is headquartered in San Jose, California with six facilities and 550,000 sq. ft. of combined manufacturing space.
“We could not be more excited to partner with Omni and welcome Frank and his team to the Vander-Bend family,” said Mr. Biggs. “We are strong believers in the growth prospects of Omni and look forward to working with the Omni team to continue to provide a wide breadth of capabilities to the company’s blue-chip customer base. With our partnership, Vander-Bend will also expand its medical commercial relationships, allowing us to better serve our customers and continue our growth trajectory.”
Vander-Bend’s acquisition of Omni is the company’s fourth medical technology add-on acquisition since being acquired by Aterian in May 2018.
In December 2020, the company closed on the add-on acquisition of Swiss Precision Machining (SPM), a manufacturer of complex and tight tolerance consumable medical instrument components used in robotic surgery. SPM operates an 82,000 sq. ft. facility near Chicago in Wheeling, Illinois.
The buy of SPM followed two earlier add-on acquisitions – TMK Manufacturing, a California-based provider of prototyping and machining services to medical technology companies (May 2020); and J.L. Haley Enterprises, a California-based fabricator of metal components used primarily in medical devices (January 2019).
Today, Vander-Bend operates six facilities across the West Coast and Midwest and employs more than 900 people. The acquisition of Omni expands Vander-Bend’s manufacturing capabilities and establishes manufacturing locations in the Northeast and Southwest, which complements the company’s West Coast, Midwest, and Southeast locations.
“The acquisition of Omni represents an important strategic milestone for Vander-Bend,” said Brandon Bethea, a co-founder and partner at Aterian. “By adding Omni, as well as the company’s talented team, Vander-Bend now prototypes and manufactures at scale critical disposable and instrumentation components for multiple world-class OEMs in a diverse set of exciting MedTech end markets.”
“This partnership supports our track record of investing in complementary family/founder-run businesses in a fragmented outsourced medical technology manufacturing landscape,” said Daniel Phan, a managing director at Aterian. “We look forward to working on post-close initiatives across the combined company.”
Aterian invests from $10 million to $100 million in middle market businesses with $50 million to $750 million in revenue and $10 million to $50 million in EBITDA. The firm’s latest fund, Aterian Investment Partners IV LP, closed in October 2021 with $830 million of committed capital. Aterian has offices in New York City and Coral Gables, Florida.
© 2023 Private Equity Professional | April 25, 2023
