New Jersey-based Medin Technologies completed an add-on acquisition of Advantage Manufacturing Technologies, a contract manufacturer of orthopedic implants in Monroe, Washington. The business will operate as AMT Medical, a wholly owned subsidiary of Medin.
AMT Medical gains the benefits of an augmented management team, broadened product offering and additional financial resources. Seven Point Equity Partners' Operating Partner, Stephen Goddard, has been appointed as CEO. Seven Point acquired Medin's assets in late 2016.
Seven Point will invest aggressively in AMT Medical, and will eventually integrate the two companies' operations to offer full-service manufacturing of implants and sterilization cases and trays to orthopedic OEMs that serve trauma, extremity, spine, knee and hip market segments.
The transaction fits with Seven Point's strategy to keep acquiring companies. Partner Mark Kammert noted that they seek "businesses with complex capital and operational needs [to transform] them with talented operating partners, in this case, with the Medin management team led by CEO Bill Donaldson and AMT Medical CEO Stephen Goddard. AMT Medical is our second investment in the medical manufacturing sector and demonstrates our commitment to the industry."
Seven Point's Managing Partner, Tom Burchill, remarked, "We provided 100% of the capital required for the acquisition as equity capital, reflecting our desire to give the management team maximum flexibility to invest in the business and grow aggressively."
Kinsella Group served as AMT's financial advisor.
Source: Medin Technologies