19 May 2023 | Friday | News
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The transaction includes the acquisition of the medical business of Precision Concepts International ("PCI") as well as Precision Concepts Group ("PCG"), headquartered in Winston-Salem, NC. Both Precision Concepts Medical businesses are headquartered in the United States with operations in Harrisonburg, VA; Mebane, NC; Winston-Salem, NC; Haina, Dominican Republic; and Alajuela, Costa Rica.
"Precision Concepts Medical is a recognized leader that offers unique capabilities in micro-metals machining and stamping, injection micro-molding, and micro-assembly processes," stated Travis Sessions, CEO of Biomerics. "The addition of these capabilities and manufacturing footprint extends Biomerics' offerings as a leading supplier to the world's largest medical device OEMs. We are excited to partner with the talented team at Precision Concepts Medical to deliver our shared vision."
The combined company will have over 1.2 million square feet of manufacturing space across 13 locations, making Biomerics one of the Top 10 Interventional CDMOs globally. Biomerics also offers one of the largest new product development teams in the industry with approximately 250 dedicated engineers. Biomerics supplies 20 of the top 35 medical device OEMs in the most attractive markets including structural heart, electrophysiology, robotic surgery, cardiovascular disease, and endoscopy.
"We are excited for the value this partnership brings to our existing customer base in Costa Rica and interventional OEM partners around the globe," stated Ray Grupinski, CEO of Precision Concepts. "The thriving medical device ecosystem in Costa Rica and the Dominican Republic aligns well with Biomerics' culture and innovative core." Grupinski will become an active member of the Board of Directors of Biomerics and will continue to help advance the strategy and vision of the Company.
The transaction makes Biomerics the largest contract manufacturer in the important Costa Rica market with approximately 290,000 sq. ft. of manufacturing capacity and approximately 100 engineers on site. Additionally, the transaction provides Biomerics with another competitive international manufacturing location, their first in the Dominican Republic.
"For more than 45 years, Precision Concepts Group has been achieving our customers' exacting standards for components that require the micro-integration of metals and plastics," stated Vince Marino, Founder and President of PCG.
"We found a shared culture and value of customers in Biomerics and look forward to partnering with Biomerics to extend this legacy," stated Vincent Christopher, Co-Founder and Vice President of Operations of PCG.
The Precision Concepts Medical locations will continue to be led by their existing leadership teams. The transaction is expected to close in June 2023, subject to the receipt of required regulatory clearances and other customary closing conditions. Until the transaction closes, each company will continue to operate independently. The Precision Concepts consumer packaging business will continue to be led by Ray Grupinski, CEO, and the existing leadership team.
Biomerics will have strong financial backing to continue executing its growth strategy and vision, with both Wasatch Equity Partners and ONCAP partnering to make significant equity investments into the Company.