Water Street Healthcare Partners and private equity shop JLL Partners said that they acquired MedPlast, a services provider to the medical device industry, for an undisclosed amount.
Headquartered in Tempe, Ariz., MedPlast offers a range of engineering and manufacturing capabilities that support the world’s leading original equipment manufacturers (OEMs) with producing diagnostic, orthopedic, surgical and other medical products.
“Our partnership with JLL and Water Street is an important step toward achieving our goal of building MedPlast into an end-to-end services provider focused on the health care industry,” said MedPlast CEO Harold Faig. “For the past eight years, we have optimized our capabilities toward health care. This acquisition will give us access to expertise and resources to grow our core competencies into areas that will bring considerable value to our customers.”
Over the past five years, MedPlast has expanded its operations to encompass 11 ISO-certified facilities across the U.S., China, Mexico and the U.K.
Medical device services continues to grow from its $40B market as increasing numbers of OEM turn to outsourcing providers to generate cost and time efficiencies.
Medplast is the second collaboration between JLL Partners and Water Street.
The two firms recently worked together to build Bioclinica into one of the world’s leading providers of specialty outsourced clinical trial solutions.