Los Angeles-based Vance Street said Motion Dynamics is the 2nd investment out of its 2nd fund, reportedly targeted at $350 million. The 1st investment, medical device OEM A&E Medical, was announced in February.
Fruitport, Mich.-based Motion Dynamics makes wire-based micro-components and sub-assemblies for the medical device, industrial and aerospace industries, specializing in micro-catheters, pacemakers and neuromodulation devices.
Vance Street said Motion Dynamics president Chris Witham will stay on and kept his stake in the firm.
“Vance Street’s long track record of supporting high-precision manufacturing businesses across the medical, A&D and industrial end markets makes them the perfect partner to help Motion Dynamics grow and continue to provide the highest level of products and services to our customers,” Witham said in prepared remarks. “We look forward to collaborating with the Vance Street team to provide even more manufacturing capabilities to our customers and prepare the business for its next stage of growth.”
“The Motion Dynamics opportunity is a perfect situation for Vance Street to support a world-class management team that has positioned the Company in attractive, high-growth end markets with a strong focus on providing customers the highest level of design and complex manufacturing services,” added Vance Street principal John LeRosen. “Chris and his senior management team have built a unique Company and we are excited to help them take the business to the next level.”
Vedder Price advised Vance Street, with Charter Capital Partners and Miller, Johnson, Snell & Commiskey advising Motion Dynamics.
Lexington Partners, Neuberger Berman, Northwestern Mutual, Private Advisors and Madison Capital also participated in the buyout, with senior debt from Madison Capital Funding and BMO Sponsor Finance and mezzanine debt from Neuberger Berman and Northwestern Mutual, Vance Street said.