Transaction Represents Vance Street's Sixth Investment out of its Third Fund
Los Angeles, CA /PRNewswire/ - Vance Street Capital LLC ("Vance Street"), a Los Angeles-based private equity firm, today announced the acquisition of Plastic Design Corporation ("PDC"). PDC is a leading U.S.-based contract manufacturer of micro-molded plastic components for the MedTech and Life Science markets.
Founded in 1991 by Mark Kinder, PDC is headquartered in Scottsdale, AZ. PDC is a family-owned business known for its micro-molding and "micro-on-macro" solutions, but also possesses injection-compression and over-molding capabilities. PDC's customers include the leading medical device OEMs focused on high-growth therapies and major life science companies focused on the emerging microfluidics product landscape.
"Vance Street's long and impressive record of successfully partnering with family-owned businesses in the medical component manufacturing space made them the ideal partner for PDC's next chapter of growth," said Mark Kinder, who will resume as President of PDC. Finding a partner that could come in and provide not only growth-based resources, but also one that valued the technology and employee base we have built over the past several decades was an important decision factor in finding our next partner," said Mark Kinder. "Vance Street truly understood and respected those aspects of our business."
Vance Street has partnered with several other highly complementary medtech businesses focused on interventional and advanced surgical markets including Applied Plastics, Motion Dynamics and Wytech Industries. Each of these companies play an important role in every step of the development and manufacturing of life saving products with capabilities including wire-based micro-components & subassemblies, specialty medical wire and metal tube solutions, and proprietary PTFE coatings.
"We are honored to be partnering with the Kinder family during the company's exciting next phase," said Mike Janish, Managing Partner at Vance Street. "This transaction is another example of our strategy to partner with family-owned businesses who are industry leaders with a collaborative technical customer approach to serve the interventional and advanced surgical component markets."
"PDC is a great opportunity for Vance Street to leverage its value-creation playbook and network within medical manufacturing to continue to build on the platform the Kinder family has established over nearly 30 years," said Steve Sandbo, Principal at Vance Street. "With the addition of PDC, we are able to compliment Wytech, Motion Dynamics & Applied Plastics customer base with additional technology and manufacturing capabilities."
Paul Hastings LLP acted as legal advisor to Vance Street Capital. MNC Capital and Brown Moskowitz & Kallen, P.C. served as financial and legal advisors to PDC. Terms of the transaction were not disclosed.
About Vance Street Capital LLC
Vance Street Capital is a middle-market private equity firm focused on investing in highly engineered solutions businesses across the medical, aerospace, defense, and industrial sectors. For over two decades, Vance Street's partners have worked with management teams and family owners to accelerate revenue growth, improve operations and acquire strategic assets for the companies in their investment portfolio. For more information please visit: www.vancestreetcapital.com.