NEW YORK – (BUSINESS WIRE) – Aug. July 2021–
A subsidiary of New Mountain Capital, LLC ("New Mountain") announced that it has entered into a definitive agreement to acquire Flexan, a leading medical device contract design and manufacture specializing in silicone, thermoplastic and specialty rubber components and -devices. Flexan will be acquired by ILC Dover, a portfolio company of New Mountain Capital. The transaction is expected to close by August 2021, subject to customary closing conditions and regulatory approvals.
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Flexan, headquartered in Lincolnshire, IL, is a leading full-service contract engineering and manufacturing company specializing in high-precision silicone, rubber and thermoplastic components for the medical device industry. Founded in 1946, Flexan serves many of the world's most respected medical device companies who value Flexan's exceptional track record, commitment to quality, and excellence. By partnering with ILC Dover, the combined company will be able to leverage their respective expertise and capabilities to serve a broader customer base in both medical device end markets and biopharmaceutical markets.
"Flexan's expertise in silicone molds and thermoplastic extrusion enables the company to deliver business-critical components and equipment to medical device manufacturers and ultimately improve patient care," said Andre Moura, managing director at New Mountain Capital. "We look forward to working closely with the management teams at Flexan and ILC Dover to drive the next chapter of growth and innovation in the life sciences markets."
This is the second acquisition ILC Dover has completed since announcing a partnership with New Mountain Capital in early 2020. The acquisition will further expand ILC Dover's life science solutions for its global customer base, including the pharmaceutical and biopharmaceutical end markets.
Simpson Thacher & Bartlett LLP acted as legal advisor to New Mountain Capital and Kirkland & Ellis LLP acted as legal advisor to Flexan. BNP Paribas was a financial advisor to New Mountain Capital and Baird was a financial advisor to Flexan.
About New Mountain Capital:
New Mountain Capital is a New York-based investment firm focused on business building and growth rather than debt as it seeks long-term capital appreciation. The company currently manages private equity, public equity and loan funds with over $ 33 billion in assets under management. New Mountain seeks what it believes to be the highest quality growth leaders in carefully selected industry sectors and then works closely with management to add value to those companies. For more information on New Mountain Capital, please visit http://www.newmountaincapital.com.
About ILC Dover:
ILC Dover is a global leader in the innovative development and manufacture of technical flexible protection solutions for the pharmaceutical and biopharmaceutical industry, flood protection, personal protection, bulk packaging and the aerospace industry. Our customers will reaffirm our relentless commitment to quality products, advanced technology and responsive service as our visionary solutions have been improving efficiency since 1947 while protecting people, products and infrastructure in dangerous conditions with flexible protection solutions. For more information on ILC Dover, please visit http://www.ilcdover.com.
Disclaimer:
This press release contains statements that may constitute "forward-looking statements," including, without limitation, statements regarding product features and applications, sales potential and target dates for product launch, implementation of strategic initiatives, and other statements regarding our future business developments and economic performance. Although these forward-looking statements represent our judgment and our future expectations with regard to the development of our business, a number of risks, uncertainties and other factors could cause actual developments and results to differ materially from our expectations. The company undertakes no obligation to publicly revise any forward-looking statements to reflect future events or circumstances, and is not responsible for any use that may be made of this information.
View source version on businesswire.com: https: //www.businesswire.com/news/home/20210726005409/en/
CONTACT: For New Mountain Capital:
Dana Gorman / Matthew Butler
Abernathy MacGregor
dtg @ abmac.com / msb @ abmac.com
212-371-5999 For Flexan:
Mike Huiras
mike.huiras@flexan.com
224-543-0156
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: PROFESSIONAL SERVICES ENGINEERING MEDICAL DEVICES HEALTH MANUFACTURING FINANCE
SOURCE: New Mountain Capital, LLC
Copyright Business Wire 2021.
PUB: 7/26/2021 8:00 AM / DISC: 7/26/2021 8:02 AM
http://www.businesswire.com/news/home/20210726005409/en
Copyright Business Wire 2021.
source https://seapointrealtors.com/2021/07/26/new-mountain-capital-to-acquire-flexan-business/
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