Spectrum Plastics Group said today that it has completed its acquisition of Fermatex Vascular Technologies, which is going back to its old Adam Spence name.
Financial terms of the deal were not disclosed.
The soon-to-be Adam Spence Vascular Technologies has roughly 100 people working out of two adjoining manufacturing facilities encompassing 54,000 square feet in Wall, N.J. The company makes high pressure braided tubing and complex medical extrusions; it has supported the medical device industry for more than half a century.
“Its heritage and skills suit both our culture and objectives as leading medical device component and contract manufacturers,” Spectrum Plastics CEO Neil Shillingford said of Fermatex/Adam Spence.
“Combined, during this era of industry transition, our operations present exceptional scale and capability to medical device OEMs seeking the proper manufacturing partner for highly specialized components, catheter delivery systems and sub-assemblies,” Shillingford said in a news release.
The Adam Spence facilities will eventually operate under Spectrum Plastics’ specialty technologies platform and work with its Apollo Medical Extrusion Technologies units and brand.
“Spectrum Plastics Group viewed Fermatex as a strategic asset due to the adjacent categories each business serves, the broad customer base and unique product offering,” Brian Martin, a partner at Vance Street, said in a news release. Vance Street said it plans to stay active with the business post-disposition and reinvest a portion of the proceeds in Spectrum Plastics Group as part of the transaction.
This is Spectrum’s second acquisition in the past three months. It acquired the precision injection molder Apex Resource Technologies in February.