NEWS RELEASE: A Lucid acquisition: Velosity expands engineering and innovation capabilities
Acquisition enhances Velosity’s ability to serve MedTech customers from concept development through full-scale production
[Photo courtesy of Graham Partners]
Founded in 2004 and based in Rogers, Minnesota, minutes from Velosity’s Brooklyn Park facility, Lucid has built a strong reputation as a trusted development partner to leading medical device companies. The company specializes in embedded engineering, product design, and prototype machining for next-generation medical devices that help improve patient outcomes and accelerate recovery. Graham believes that together, Velosity and Lucid create a uniquely integrated MedTech platform that combines engineering innovation, rapid development, precision manufacturing, and vertically integrated production capabilities. By bringing design and development expertise closer to manufacturing, the combined organization has the opportunity to help customers reduce development timelines, accelerate product launches, and seamlessly transition programs into commercial production.
Lucid helps expand the capabilities of the Velosity Engineering, Launch and Optimization Lab™, a dedicated new product innovation accelerator facility, through the addition of more than 20 design and development engineers. Graham believes the combined business further enhances Velosity’s strategic relationships with leading MedTech OEMs and creates new opportunities to engage customers earlier in the product development cycle. In connection with the acquisition, Lucid founder and CEO Tim Hillukka will join Velosity as Chief Innovation Officer and lead ideation and innovation, across the combined customer base, driving deeper and early-stage embedment within the MedTech OEM portfolios.
“Lucid brings highly complementary engineering and innovation capabilities that strengthen Velosity’s position as a differentiated partner to MedTech OEMs,” said Joe Heinmiller, Managing Partner at Graham Partners. He continued, “We believe that combining Lucid’s deep engineering expertise and rapid prototyping capabilities with Velosity’s manufacturing scale and operational excellence creates a platform capable of supporting customers from concept through commercialization and ultimately positions the company to deepen customer relationships, expand its participation in high-growth therapeutic categories, and create meaningful long-term value.” Megan Barsella Van Leer, Vice President at Graham Partners, added, “This acquisition represents another important step in Velosity’s growth strategy. We believe Lucid’s engineering talent, customer relationships, and development expertise enhance the company’s ability to participate earlier in the product lifecycle, creating a pipeline of future production programs and broadening Velosity’s exposure to some of the fastest growing segments within MedTech.”
About Graham Partners
Graham Partners is a private investment firm principally focused on investing in advanced manufacturing and technology-enabled services that are spurring innovation, resulting in product substitutions, raw materials conversions, and disruptions to traditional end markets. Graham can offer control or minority capital solutions and typically targets companies with EBITDA up to $50 million. Since Graham began managing third party capital over 25 years ago, the firm has closed over 170 acquisitions and investments. As of June 30, 2026, Graham’s Regulatory Assets Under Management is approximately $5.1 billion. Investors include college and university endowments, foundations, funds-of-funds, insurance companies, pension plans, high-net-worth individuals, and other institutional investors. Based in suburban Philadelphia, the Firm has access to extensive operating resources and industrial expertise and is a member of The Graham Group, an alliance of independent operating businesses, investment firms, and philanthropic entities, which all share in the common legacy of entrepreneur Donald Graham. There are eight investment entities within The Graham Group. Graham Partners and Graham Capital Investments (GCI), LLC (“GCI”) are affiliates, and the remaining six Graham Group investment entities operate independently from and are not affiliates of Graham Partners and GCI, as described in Part 2A of Graham Partners’ Form ADV.1
About Velosity
Headquartered in Forest Lake, Minnesota, Velosity is an outsourced manufacturer specializing in clean room injection molding, precision machining, and assembly capabilities primarily for the medical device industry. The company supports customers from initial design through full-scale production and is vertically integrated across clean room injection molding, precision machining, assembly, and in-house tooling capabilities.
1The Graham Group name is used to refer to an alliance of independent operating businesses, investment firms, and philanthropic entities, which all share in the common legacy of entrepreneur Donald C. Graham. There are eight investment entities within The Graham Group. Graham Partners and Graham Capital Investments (GCI), LLC (“GCI”) are affiliates, and the remaining six Graham Group investment entities operate independently from and are not affiliates of Graham Partners and GCI, as described in Part 2A of Graham Partners’ Form ADV.
Legal Disclaimer:
This press release is for informational purposes and is not an offer to sell, or a solicitation of an offer to buy, securities in the United States or elsewhere. Graham Partners is not utilizing this release to provide investment or other advice, and no information disclosed therein is to be relied upon for the purpose of making investment decisions. Past performance does not guarantee future results and any transactions described are included as representative transactions and are not necessarily reflective of overall performance. It should not be assumed that any investment described herein was or will be profitable. There can be no assurance that historical trends will continue. Graham Partners’ market characterization is based on subjective determinations that it believes reasonable but others may disagree with such characterization. There is no guarantee that Graham Partners’ initiatives will drive value for its investments or accelerate growth or lead Graham Partners’ investments to become profitable.
The opinions expressed in this news release are the author’s only and do not necessarily reflect those of Medical Design & Outsourcing or its employees.
