KRG Capital Portfolio Company Vention Medical Enters into Agreements to Be Acquired in Two-Part Transaction
DENVER, CO (February 23, 2017) – Vention Medical (Vention), a KRG Capital Partners Fund IV (KRG) portfolio company and integrated services provider for the design, engineering and manufacturing of complex medical devices and components, has entered into merger agreements with separate buyers to sell the business in a two-step transaction. The Advanced Technologies segment will be acquired by Nordson Corporation, the leader in precision dispensing, fluid management, and related technologies and the Device Manufacturing Services segment will be acquired by MedPlast, Inc, a global services provider to the medical device industry. KRG expects the closing will occur in the second quarter of 2017.
Stew Fisher, Managing Director at KRG, commented “I would like to congratulate Dan Croteau and the entire Vention management team for their outstanding execution of the Company’s growth plan, establishing Vention as a technology and supply chain leader through organic growth and strategic acquisitions. During KRG’s ownership, Vention completed eight add-on acquisitions to further develop its global design and engineering services, proprietary component technology and supply chain capabilities. We wish the team all the best with their new partners, Nordson Corporation and MedPlast.”
Vention’s President and Chief Executive Officer, Dan Croteau, added, “The partnership with KRG was integral in helping us drive unique customer solutions and accelerated growth through organic capital investment and add-on acquisitions. The sale of Vention marks a great outcome for our employees, customers and shareholders. Both Nordson Corporation and MedPlast have histories of acquiring great companies and making them even stronger. We thank KRG for their support and are excited about the prospects for both Vention businesses within Nordson Corporation and MedPlast.”
KRG made its initial investment in Vention Medical in May of 2008, and this sale will represent the 10th full exit in KRG’s $1.96 billion fund IV.
Piper Jaffray served as financial advisor and Hogan Lovells served as legal advisor to Vention on the transaction.
About Vention Medical: Vention Medical is a global integrated solutions partner with more than 30 years of experience in design, engineering and manufacturing of complex medical devices and components. Vention Medical specializes in components and services used in interventional and minimally invasive surgical products including catheters, reinforced shafts, balloons, extrusions, polyimide tubing, heat shrink tubing, PTFE liner tubing, molded components, and finished device assembly and packaging. Visit Vention at ventionmedical.com.
About KRG Capital Partners: Founded in 1996, KRG is a Denver based private equity buyout firm focused on “buy and build” investment opportunities in the lower middle market. KRG has approximately $4.4 billion of cumulative capital either deployed or available for future investment, which includes approximately $1.2 billion deployed since inception by institutional equity co-investors. The Firm seeks investment opportunities where KRG can work in concert with owners and operating managers who are committed to expanding their companies and becoming industry leaders. The result is a partnership that focuses on creating a significantly larger enterprise through a combination of internal growth and complementary add-on acquisitions. Visit KRG at www.krgcapital.com.
About Nordson Corporation: Nordson Corporation engineers, manufactures and markets differentiated products used to dispense, apply and control adhesives, coatings, polymers, sealants, biomaterials, and other fluids; to test and inspect for quality; and to treat and cure surfaces. These products are supported with extensive application expertise and direct global sales and service. We serve a wide variety of consumer non-durable, consumer durable and technology end markets including packaging, nonwovens, electronics, medical, appliances, transportation, building and construction, and general product assembly and finishing. Founded in 1954 and headquartered in Westlake, Ohio, the company has operations and support offices in nearly 40 countries. For more information about Nordson Corporation, visit www.nordson.com.
About MedPlast: MedPlast is a global services provider to the medical device industry. The company offers a range of engineering and manufacturing capabilities that support the world’s leading original equipment manufacturers with producing diagnostic, orthopedic, surgical and other medical products. Headquartered in Tempe, Ariz., the company operates 11 ISO-certified facilities around the world. For more information about MedPlast, visit medplastgroup.com.
For more information please contact:
Stew Fisher, Managing Director