Transaction Represents Fourth MedTech Investment in Fund II and Expands the Portfolio to Six Companies
Los Angeles – January 31, 2019 – Vance Street Capital LLC, a Los Angeles-based private equity firm, today announced the acquisition of Applied Plastics (“Applied”), a leading advanced coatings provider to the medical end markets. This is Vance Street’s sixth investment out of Vance Street Capital II L.P., and its fourth investment in the medical space in the past three years. Terms of the transaction were not disclosed.
Founded in 1953 and headquartered in Norwood, Massachusetts, Applied provides specialty PTFE coatings on wires and other metal-based components for the medical device industry, with a primary emphasis on the advanced catheter market. Applied’s customers include the leading medical device OEMs and contract manufacturers focused on high-growth microcatheter segments such as electrophysiology (EP), neurovascular, peripheral vascular, TAVR and neuromodulation, among others.
Dave Ring, CEO of Applied, is retaining a material ownership position in the company. “We are excited to partner with Vance Street as we look toward our next chapter of growth,” said Mr. Ring. “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.”
Brian Martin, Managing Partner at Vance Street, commented, “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.”
Vance Street Capital’s other medical investments in Fund II include Motion Dynamics, a leading manufacturer of wire-based micro-components and sub-assemblies found in micro-catheters, Adam Spence Vascular Solutions, a designer and manufacturer of high pressure braided tubing and extrusions for the cardiovascular end markets and A&E Medical, a leading medical device OEM focused on single-use products used in cardiovascular procedures.
“Applied Plastics is an ideal opportunity for Vance Street to leverage our operating experience and network within medical manufacturing to continue to build on the world-class and highly-proprietary coatings capabilities Applied has built over the past 25 years,” said Mike Janish, Managing Partner at Vance Street.
“We’ve known and admired Applied since our prior involvement with Avalon Laboratories, a medical vascular catheter manufacturer, and are thrilled to have the opportunity to partner with a best in class supplier to the medical catheter industry” said John LeRosen, Partner at Vance Street.
Paul Hastings LLP acted as legal advisor to Vance Street Capital. Senior debt was provided by BMO Sponsor Finance and Neuberger Berman. Raymond James and Sullivan & Worcester LLP served as financial advisor and legal advisor, respectively, to Applied.
About Vance Street Capital LLC
Vance Street Capital is a middle-market private equity firm focused on investing in highly engineered solutions businesses across the medical, aerospace, defense, and industrial sectors. For over two decades, Vance Street’s partners have worked with management teams and family owners to accelerate revenue growth, improve operations and acquire strategic assets for the companies in their investment portfolio. For more information please visit: www.vancestreetcapital.com.