Medin Technologies, Inc., a medical contract manufacturer owned by Seven Point Equity Partners LLC and headquartered in Totowa, New Jersey, announced its completed add-on acquisition of Monroe, Washington-based Advantage Manufacturing Technologies, Inc. (AMT), a manufacturer of orthopedic implants, through a newly formed, wholly owned subsidiary named AMT Medical, Inc.
AMT Medical will continue AMT's proud tradition of customer-focused leadership in orthopedic implant manufacturing. In combination with Medin Technologies, AMT Medical benefits from an augmented management team, a broadened product offering and greater financial resources. David Parsons, the former owner of AMT, has retained a minority ownership position in the company and will serve on the executive team. Seven Point Operating Partner Stephen Goddard has been appointed as the CEO of AMT Medical, reporting to Bill Donaldson, CEO of Medin Technologies.
"We are excited to have completed this important add-on acquisition," stated Bill Donaldson, Medin Technologies' CEO. "Medin's strategic goal is to provide world-class quality and performance across multiple product and component lines as a full-service manufacturing partner to our orthopedic OEM customers. Together, with AMT Medical, we can execute that strategy on a more comprehensive scale. Just as we have done with Medin Technologies, we plan to invest aggressively in AMT Medical, and over time, integrate the two companies' operations more thoroughly to deliver value to our customers."
Tom Burchill, Seven Point Equity Partners' Managing Partner, added, "Acquiring AMT strengthens Medin Technologies' business model and offers compelling, immediate and long-term operational and strategic value. In addition to participating in two attractive markets in cases and trays and orthopedic implants, the combined companies serve a diverse set of high growth end markets in trauma, extremity, spine, knee and hips. We provided 100% of the capital required for the acquisition as equity capital, reflecting our desire to give the management team maximum flexibility to invest in the business and grow aggressively."
Seven Point Partner and Medin board member Mark Kammert added, "This additional investment in Medin Technologies highlights our strategy of acquiring businesses with complex capital and operational needs and transforming them with talented operating partners, in this case, with the Medin management team led by CEO Bill Donaldson and AMT Medical CEO Stephen Goddard. AMT Medical is our second investment in the medical manufacturing sector and demonstrates our commitment to the industry."
Medin did not use outside lenders to complete the transaction. Benesch, Friedlander, Coplan & Aronoff LLP acted as legal advisor to Seven Point and Medin Technologies in this transaction. The Tracy Law Group acted as AMT's legal advisor, and Kinsella Group served as its financial advisor.