Medin Technologies, Inc. Completes Add-on Acquisition of Advantage Manufacturing Technologies, Inc., Expands Platform in Medical Manufacturing
TOTOWA, N.J., July 1, 2019 (Newswire.com) - Medin Technologies, Inc., a medical contract manufacturer owned by Seven Point Equity Partners LLC and headquartered in Totowa, New Jersey, announced its completed add-on acquisition of Monroe, Washington-based Advantage Manufacturing Technologies, Inc. (AMT), a manufacturer of orthopedic implants, through a newly formed, wholly owned subsidiary named AMT Medical, Inc.
AMT Medical will continue AMT's proud tradition of customer-focused leadership in orthopedic implant manufacturing. In combination with Medin Technologies, AMT Medical benefits from an augmented management team, a broadened product offering and greater financial resources. David Parsons, the former owner of AMT, has retained a minority ownership position in the company and will serve on the executive team. Seven Point Operating Partner Stephen Goddard has been appointed as the CEO of AMT Medical, reporting to Bill Donaldson, CEO of Medin Technologies.
"We are excited to have completed this important add-on acquisition," stated Bill Donaldson, Medin Technologies' CEO. "Medin's strategic goal is to provide world-class quality and performance across multiple product and component lines as a full-service manufacturing partner to our orthopedic OEM customers. Together, with AMT Medical, we can execute that strategy on a more comprehensive scale. Just as we have done with Medin Technologies, we plan to invest aggressively in AMT Medical, and over time, integrate the two companies' operations more thoroughly to deliver value to our customers."
Tom Burchill, Seven Point Equity Partners' Managing Partner, added, "Acquiring AMT strengthens Medin Technologies' business model and offers compelling, immediate and long-term operational and strategic value. In addition to participating in two attractive markets in cases and trays and orthopedic implants, the combined companies serve a diverse set of high growth end markets in trauma, extremity, spine, knee and hips. We provided 100% of the capital required for the acquisition as equity capital, reflecting our desire to give the management team maximum flexibility to invest in the business and grow aggressively."
Seven Point Partner and Medin board member Mark Kammert added, "This additional investment in Medin Technologies highlights our strategy of acquiring businesses with complex capital and operational needs and transforming them with talented operating partners, in this case, with the Medin management team led by CEO Bill Donaldson and AMT Medical CEO Stephen Goddard. AMT Medical is our second investment in the medical manufacturing sector and demonstrates our commitment to the industry."
Medin did not use outside lenders to complete the transaction. Benesch, Friedlander, Coplan & Aronoff LLP acted as legal advisor to Seven Point and Medin Technologies in this transaction. The Tracy Law Group acted as AMT's legal advisor, and Kinsella Group served as its financial advisor.
About AMT Medical, Inc.
AMT Medical, Inc., headquartered in Monroe, Washington, is a medical contract manufacturer of orthopedic implants and surgical instruments. The company prides itself on solving complex technical challenges and meeting the exacting quality demands of its OEM customers. Engineering and production professionals work directly with OEM engineers to develop quality and performance enhancements, as well as improved manufacturability. AMT is known for its advanced manufacturing capabilities, exceptional quality, short lead times and exceptional on-time delivery. For nearly 20 years, the company has delivered exceptional value to its customers by helping them get to market faster with superior product quality and has provided them with long-term supply reliability. For more information, please visit www.teamamt.com.
About Medin Technologies, Inc.
Medin Technologies, Inc., headquartered in Totowa, New Jersey, designs and manufactures highly engineered, custom-designed sterilization cases and trays for many of the world's leading orthopedic OEMs. The company collaborates with leading medical OEMs around the world to provide visually arresting, durable and highly reliable sterilization cases that showcase the brand identities of its orthopedic and surgical device customers. As a supplier to the medical industry for more than 50 years, Medin is known for its vertical integration, advanced manufacturing capabilities, superior quality and short lead times to meet its customers' needs. For more information, please visit www.medin.com.
About Seven Point Equity Partners, LLC
Seven Point Equity Partners, LLC, based in Westport, Connecticut, is an operationally focused, value-oriented private investment firm dedicated to achieving exceptional long-term returns for its investors. Seven Point concentrates on control equity investments in lower middle market companies, principally in North America. Seven Point partners with companies that have complex business and capital structure challenges and can benefit from the ability of Seven Point's Operating Partners to drive operational improvement. The firm's differentiated funding approach allows Seven Point to back management teams patiently over a long investment horizon, as they do the hard work to build great businesses and create fundamental value. More information about Seven Point can be found at www.sevenpointpartners.com.
Contact: Tom Burchill
Seven Point Equity Partners, LLC
Source: Medin Technologies