Los Angeles-based private equity firm Vance Street Capital has acquired US-based Applied Plastics for an undisclosed sum.
Based in Norwood of Massachusetts, Applied Plastics is a major coatings provider to the medical end markets.
Established in 1953, Applied Plastics produces specialty polytetrafluoroethylene (PTFE) coatings to be used on wires and other metal-based components for the medical device industry. The firm mainly focuses on the advanced catheter market.
The firm’s customers comprise of medical device OEMs and contract manufacturers focused on microcatheter segments such as electrophysiology (EP), neurovascular, peripheral vascular, TAVR and neuromodulation.
The stainless steel or nitinol forming mandrels feature a uniform PTFE Natural Ffuoropolymer coating to help achieve a 0.05 coefficient of friction, allowing manufacturers to increase the output of extruded small-diameter tubing, formed rubber bladders, and similar products.
Applied Plastics’ enables to coat medical-grade wire PTFE Natural fluoropolymer to achieve optimum release or slip properties.
PTFE Natural fluoropolymer coating can also be applied to all variations of stainless steel and nitinol hypotube including spiral, skived, flared, crimped, ground, and slotted types.
Applied Plastics CEO Dave Ring is provided with a material ownership position in the company.
Ring said: “Vance Street’s highly relevant investing and operating experience in the medical manufacturing space made them the ideal partner to help Applied execute on the exciting growth we see across our customer base.”
Other medical investments of Vance Street Capital under fund II include Motion Dynamics, Adam Spence Vascular Solutions and A&E Medical.
Motion Dynamics is a manufacturer of wire-based micro-components and sub-assemblies for micro-catheters, while Adam Spence Vascular Solutions is a designer and manufacturer of high pressure braided tubing and extrusions for the cardiovascular end markets.
A&E Medical is a medical device OEM involved in producing single-use products for cardiovascular procedures.
Vance Street managing partner Brian Martin said: “Dave Ring has built an industry leading and highly differentiated business that is well positioned across the fastest growing medical end markets. We’re excited to support the Applied team during this next chapter of growth.”