Biomerics has reached definitive agreements to combine with ONCAP IV’s portfolio company Precision Concepts Medical.
The deal includes the purchase of the medical business of Precision Concepts International, along with Precision Concepts Group. Both are based in the US and have operations across the country, as well as in the Dominican Republic and Costa Rica.
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Biomerics CEO Travis Sessions said: “Precision Concepts Medical is a recognised leader that offers unique capabilities in micro-metals machining and stamping, injection micro-moulding and micro-assembly processes.
“The addition of these capabilities and manufacturing footprint extends Biomerics’ offerings as a leading supplier to the world’s largest medical device OEMs.”
Onex’s private equity arm ONCAP has committed to invest in medical device contract manufacturer Biomerics.
Established in 1994, Biomerics offers micro-plastics, micro-metals, image-guided intervention and final device assembly services for high-growth interventional sectors.
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By GlobalDataThe company has expertise in materials, interventional medical plastics, complex extrusion, micromachining of metals and polymers, balloons and balloon catheters, laser processing, as well as advanced catheters and steerable.
It will possess more than 1.2 million square feet of manufacturing facilities spread across 13 different sites, upon completion of the deal.
The company currently serves 20 out of the leading 35 medical device original equipment manufacturers (OEMs). Its key focus areas are electrophysiology, structural heart, cardiovascular disease, robotic surgery and endoscopy.
Precision Concepts CEO Ray Grupinski said: “The thriving medical device ecosystem in Costa Rica and the Dominican Republic aligns well with Biomerics’ culture and innovative core.”
Grupinski will join Biomerics’ board of directors and play an active role in advancing the company’s strategy and vision.
Subject to customary closing conditions, including the receipt of relevant regulatory approvals clearances, the transaction is anticipated to complete in June this year.
