Contract manufacturer Medin Technologies (Totowa, N.J.) said today that it has completed the add-on acquisition of orthopedic implant maker Advantage Manufacturing Technologies (AMT) through a newly formed, wholly owned subsidiary named AMT Medical.
Medin Technologies designs and manufactures highly engineered, custom-designed sterilization cases and trays for orthopedic OEMs. AMT Medical will continue manufacturing orthopedic implants and will gain an expanded management team, a broadened product offering and greater financial resources.
David Parsons, the former owner of Monroe, Wash.-based AMT, has retained a minority ownership position in the company and will serve on the executive team. Stephen Goddard, operating partner of Medin Technologies parent company Seven Point Equity Partners, has been appointed CEO of AMT Medical, reporting to Bill Donaldson, CEO of Medin Technologies. Donaldson took over as CEO of Medin in 2018.
“We are excited to have completed this important add-on acquisition,” Donaldson said in a news release. “Medin’s strategic goal is to provide world-class quality and performance across multiple product and component lines as a full-service manufacturing partner to our orthopedic OEM customers. Together, with AMT Medical, we can execute that strategy on a more comprehensive scale. Just as we have done with Medin Technologies, we plan to invest aggressively in AMT Medical, and over time, integrate the two companies’ operations more thoroughly to deliver value to our customers.”
“Acquiring AMT strengthens Medin Technologies’ business model and offers compelling, immediate and long-term operational and strategic value,” added Tom Burchill, managing partner of Westport, Conn.-based Seven Point. “In addition to participating in two attractive markets in cases and trays and orthopedic implants, the combined companies serve a diverse set of high growth end markets in trauma, extremity, spine, knee and hips. 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.”
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