Second investment from Vance Street Capital Fund II leverages the firm’s experience in high-precision manufacturing and medical components
Los Angeles – September 12, 2016 – Vance Street Capital LLC, a Los Angeles-based private equity firm, today announced that it has partnered with Motion Dynamics Corporation, a leading provider of highly engineered precision wire-based components primarily for the medical device, industrial and aerospace markets. This is Vance Street’s second investment out of its second fund. Terms of the transaction were not disclosed.
Founded in 1992 and headquartered in Fruitport, Michigan, Motion Dynamics is a leading manufacturer of wire-based micro-components and sub-assemblies, which are frequently found in micro-catheters, pacemakers and neuromodulation devices. The Company focuses on products that require fine and ultra-fine wire diameters, unique alloy types and shapes, and high precision / tight tolerances.
As part of the transaction, Chris Witham, President of Motion Dynamics, will continue to lead the business in his current role and has retained a material ownership position in the Company. “Vance Street’s long track record of supporting high-precision manufacturing businesses across the medical, A&D and industrial end markets makes them the perfect partner to help Motion Dynamics grow and continue to provide the highest level of products and services to our customers,” said Chris Witham. “We look forward to collaborating with the Vance Street team to provide even more manufacturing capabilities to our customers and prepare the business for its next stage of growth.”
“The Motion Dynamics opportunity is a perfect situation for Vance Street to support a world-class management team that has positioned the Company in attractive, high-growth end markets with a strong focus on providing customers the highest level of design and complex manufacturing services,” said John LeRosen, Principal at Vance Street. “Chris and his senior management team have built a unique Company and we are excited to help them take the business to the next level.”
“Partnering with passionate entrepreneurs such as Chris is a core focus at Vance Street and we look forward to supporting Motion Dynamics’ strong growth trajectory and continued success,” added Brian Martin, Partner at Vance Street.
Vedder Price LLP acted as legal advisor to Vance Street Capital. Charter Capital Partners and Miller, Johnson, Snell & Commiskey, PLC served as financial and legal advisors to Motion Dynamics. Vance Street Capital partnered with Lexington Partners, funds advised by Neuberger Berman, Northwestern Mutual, Private Advisors and Madison Capital, all of whom co-invested equity alongside Vance Street in support of the transaction. Senior debt was provided by Madison Capital Funding LLC and BMO Sponsor Finance, and mezzanine debt was provided by Neuberger Berman and Northwestern Mutual.