SALT LAKE CITY, May 17, 2023 /PRNewswire/ -- Biomerics ("Biomerics" or the "Company"), the leading vertically integrated contract manufacturer for the interventional medical device market, announced today that it has entered into definitive agreements to merge with Precision Concepts' medical business ("Precision Concepts Medical"). 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.
About Biomerics:
Founded in 1994, Biomerics is a leading medical device contract manufacturer serving the interventional device market. Trusted as a vertically integrated partner, Biomerics provides design and development services, technology transfer manufacturing services and contract manufacturing services for medical device components, subassemblies and finished medical devices. Biomerics operates eight locations in the United States, Ireland and Costa Rica. Biomerics is an industry leader in materials, interventional medical plastics, complex extrusion, micromachining of metals and polymers, laser processing, balloons and balloon catheters, advanced catheters and steerables, image guided intervention and finished device assembly. In addition to operating under a certified ISO 13485:2016 quality system, Biomerics is FDA registered and compliant with FDA 21 CFR Part 820.
About Precision Concepts International:
Based in Mooresville, North Carolina, Precision Concepts is a diversified manufacturer of finished medical devices and specialty rigid packaging solutions (sticks, jars, vials, closures, spouts, bottles, tubes) serving the medical, pharmaceutical, personal care, food and beverage and nutraceutical industries. The company has ~1,700 employees with twelve manufacturing facilities located in Canada, the United States, Costa Rica, and the Dominican Republic.
About Precision Concepts Group:
Precision Concepts Group (PCG), headquartered in Winston-Salem, NC, was founded in 1976 as the vision of its President, Vince Marino. Precision Concepts Group provides precision micro-stamping, micro-molding, liquid silicon rubber (LSR) molding, injection molding, cleanroom assembly, and various secondary processes for the medical market. PCG operates four ISO certified and FDA registered facilities in the Winston-Salem area.
Contacts:
Pete Kavelish, VP of Sales and Marketing
Biomerics
Phone: +1 888-874-7787
Email: marketing@biomerics.com
Daniel Craven, Director of Marketing & Communications
Biomerics
Phone: +1 888-874-7787
Email: marketing@biomerics.com
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