Forms Fermatex Vascular Technologies, LLC as a new platform company
Fourth platform investment in Vance Street’s Second Fund leverages the firm’s experience in manufacturing advanced medical catheter components
Los Angeles – October 4, 2017 – Vance Street Capital LLC, a Los Angeles-based private equity firm, today announced the acquisition of two manufacturing facilities and related operations located in Wall Township, New Jersey from W. L. Gore & Associates (“Gore”), forming a new company named Fermatex Vascular Technologies, LLC (“Fermatex”). Gore Associates working at these facilities will transfer employment to the new company.
The Wall Township, New Jersey operation – originally known as Adam Spence Corporation – was part of the Medical Products Division of Gore, a global materials science company dedicated to transforming industries and improving lives. The acquired facilities design and manufacture high pressure braided tubing and extrusions, and assembly/molding for the medical industry. These products are used in the cardiovascular device market.
The Vance Street team brings considerable experience building and managing middle-market engineering and manufacturing companies, and direct knowledge of the medical tubing and catheter industry. Mike Janish, a Partner at Vance Street, and John LeRosen, a Principal at Vance Street, were previously the CEO and CFO, respectively, of Avalon Laboratories. Avalon Laboratories is a manufacturer of highly specialized catheters and medical tubing products for cardiology, pulmonology and related applications that was acquired by Nordson (NYSE: NDSN) in August 2014.
“Fermatex provides an exciting platform for growth and enables us to partner with a strong team with world class capabilities in the manufacturing of complex medical catheter components,” said Mike Janish. “This latest acquisition will enable us to leverage Vance Street’s considerable expertise and relationships and create a world-class catheter engineering and manufacturing company.”
“The Vance Street team was a strong partner throughout the course of this transaction and clearly demonstrated their experience in managing highly technical medical device businesses. We believe their team will continue to build on Gore’s strong performance, and will position Fermatex and its employees for future success,” said David Lane, Business Leader at W.L. Gore & Associates.
Paul Hastings LLP acted as legal advisor to Vance Street Capital. PricewaterhouseCoopers Corporate Finance Global Network and Greenberg Traurig LLP served as financial and legal advisors, respectively, to Gore.
About Vance Street Capital LLC
Vance Street Capital is a Los Angeles-based private equity firm which invests in middle-market businesses in the medical, aerospace, defense and industrial sectors. For over two decades, Vance Street’s partners have worked with management, family owners and other co-investors 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.