Electronics developer and interconnected solutions company Molex said today it is buying Phillips-Medisize for an undisclosed amount, with an expected closing date in the fall.
Hudson, Wisc.-based Phillips-Medisize is an outsource provider for design of medical devices and diagnostics, drug delivery products and primary pharmaceutical packaging, Molex said. Currently, Phillips-Medisize operates as a portfolio company of private equity firm Golden Gate Capital.
“Molex and Phillips-Medisize share a similar culture and approach to managing the business that creates strong partnerships built on quality and innovation. Molex’s global scale in electronics, coupled with Phillips-Medisize’s strength in designing and manufacturing innovative products for medical device customers, will help us become a global leader in connected health solutions,” Phillips-Medisize prez & CEO Matt Jennings said in a press release.
Phillips-Medisize reported annual sales of over $700 million with 80% of revenue coming from drug delivery, medical device, primary pharmaceutical packaging and diagnostics products including disposable insulin pens, glucose meters, inhalation drug delivery devices, single use surgical devices and consumable diagnostics components, Molex said.
“Phillips-Medisize has a talented, experienced and innovative team that has strong customer relationships because of its outstanding ability to serve the unique needs of the medical solutions market. Combined with Molex’s expertise in electronics and broad global manufacturing presence, we are confident that together we can significantly expand our medical solutions capabilities globally,” Molex business dev & corporate strategy senior veep Tim Ruff said in prepared remarks.
Morgan Stanley & Co operated as the exclusive financial adviser to Molex for the acquisition.
“In just 3 years of our ownership, Phillips-Medisize has executed on a transformative vision to become a global leader in the manufacturing of biologics drug delivery devices. We would like to thank all the employees for their hard work and wish them well in the future,” Golden Gate Capital managing director Rajeev Amara said in a prepared statement.
