NEWS RELEASE: Wytech Strengthens Precision Grinding Capabilities with Silvertip & Associates Acquisition
Rahway, NJ – Wytech Industries and its affiliate company Mountain Manufacturing Technologies, supported by Vance Street Capital, purchased the assets of Silvertip & Associates on April 1st, for the creation of a strategic grinding division located in Minneapolis, MN, that is focused on the development and production of medical mandrels (wire and metal tube) to the global medical device market.
“As the interventional medical device market continues to expand in clinical applications, there is an increased demand for innovative catheter solutions from medical device manufacturing companies. These companies seek supply chain partners knowledgeable in materials and processes who can engineer solutions to improve their internal production efficiencies. Silvertip expands Wytech and Mountain Manufacturing’s capability for new ground mandrels and ensures fast response to the market’s R&D needs,” said Michael Janish, Managing Partner at Vance Street Capital.
“For nearly 40 years, Silvertip has developed advanced centerless grinding expertise and is known for taking on difficult materials from exotic materials like titanium to commonly used stainless steel to advanced polymers such as PEEK. Finding a world-class partner that shares our vision for growth and employee values was very important to me and my employees,” said Dale Peterson, Owner of Silvertip and Associates.
“As we searched for partners that could complement Wytech and Mountain Manufacturing’s position as leading suppliers of mandrels (processing aids) to the medical device industry, we became very excited as we learned the depths of Silvertip’s grinding expertise and their ability for quick turn response. We are very happy to partner with Dale Peterson as we continue to serve the medical device mandrel market,” said Dave Ohmann, CEO of Wytech Industries.
“Mountain Manufacturing continues to search for additional ways to provide value to our medical device customers and their contract manufacturing suppliers. Localization of manufacturing in highly concentrated customer regions is one path for achieving speedy response time for R&D and production. Silvertip and Dale Peterson’s team have also demonstrated unique know-how for grinding advanced materials, complementing Mountain Manufacturing and Wytech’s expertise in stainless and Nitinol grinding. We are very excited to leverage this partnership with Silvertip to expand our FastLane material store and offer these advanced materials by Q3,” said Tom Berg, President of Mountain Manufacturing.
About Silvertip and Associates
Silvertip was founded in 1988 by a 3rd generation owner of the Peterson family and originally founded in 1932 by Robert S Peterson), as a metal finishing company in Minneapolis. This business transitioned to Robert Peterson Jr and was heavily focused on the hydraulic industries by the 1970s. In 1988, Dale Peterson invested in precision grinding to support the family finishing business and to serve the local Twin Cities market and has become highly focused on serving local medical manufacturing for the last 36 years. Silvertip and Associates is in Blaine (Minneapolis), MN, and provides precision centerless grinding services. For more information, please visit Centerless Grinding Professionals (silvertipgrinding.com)
About Wytech Industries
For nearly 50 years, Wytech and its affiliate company, Mountain Manufacturing, have been committed to earning their position as the preferred development and manufacturing partner for mandrels, core wires, heat set tooling, and micro-machined components for medical device OEMs and contract manufacturing organizations (CMOs). Wytech engineers simple manufacturing solutions for complex wire and metal tubing design applications. For more information, please visit wytech.com.
About Mountain Manufacturing Technologies
Founded in 1988 by Tom Berg, MMT is a leading research & development-driven contract manufacturer with a full range of machining and fabricating capabilities for enhanced product design, prototyping, component manufacturing, and volume production. MMT’s customers range from leading Tier 1 customers to start-ups designing highly engineered access, delivery, and closure systems used with complex medical devices. Located in Lino Lakes, MN, MMT is ISO 13485:2016 certified. For more information, please visit https://mountainmfg.net.
About Vance Street Capital LLC
Vance Street Capital is a middle-market private equity firm investing in highly engineered solutions businesses across the medical, aerospace, defense, and industrial sectors. Vance Street’s partners have worked with management teams and family owners for over two decades to accelerate revenue growth, improve operations, and acquire strategic assets for the companies in their investment portfolio. For more information, please visit http://www.vancestreetcapital.com.
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.
