LOS ANGELES – May 24, 2018 – Vance Street Capital, LLC (“Vance Street”), a Los Angeles-based private equity firm, today announced that it has completed the sale of portfolio company Adam Spence Vascular Technologies (“Adam Spence”), a manufacturer of high pressure braided tubing and complex medical extrusions, to Spectrum Plastics Group, the market leading medical extruder and value-added components manufacturer. Terms of the transaction were not disclosed.
Vance Street acquired Adam Spence from W. L. Gore & Associates (“Gore”). This carve-out involved the acquisition of two manufacturing facilities and their related operations located in Wall Township, New Jersey. Post-acquisition, Vance Street leveraged its previous experience building strategic assets in the medical industry. Vance Street relied on Mike Janish, a Partner at Vance Street, and John LeRosen, a Principal at Vance Street, who were previously the CEO and CFO, respectively, of medical tubing and catheter manufacturer Avalon Laboratories, to lead the transaction. During its ownership, Vance Street established external sales and marketing functions and upgraded the operations, while also building out the foundation required to operate as an independent entity.
“We acquired a premier asset known for producing best-in-class high pressure braided tubing. Prior to the acquisition, the business was primarily focused on servicing internal demand. Post-acquisition, Vance Street rebuilt the sales & marketing capabilities of the business, which quickly received positive feedback in the marketplace and drove increased sales and better customer engagement,” said Mike Janish.
In addition to focusing on generating new external sales, Vance Street worked to orient the operations around servicing external customers. This included establishing new quality and regulatory systems and implementing an independent ERP system. “While the business has incredible capabilities, it needed certain foundational improvements to ensure the business could properly service new customers,” said John LeRosen.
The firm decided to sell the business due to Adam Spence’s strategic alignment with the buyer. “Spectrum Plastics Group viewed Adam Spence as a strategic asset due to the adjacent categories each business serves, the broad customer base and unique product offering,” said Brian Martin, a Partner at Vance Street. Vance Street intends to stay active with the business post disposition and reinvested a portion of the proceeds in Spectrum Plastics Group as part of the transaction.