Vance Street Capital LLC, a Los Angeles-based private equity firm, announced the acquisition of two manufacturing facilities and related operations located in Wall Township, NJ from W. L. Gore & Associates.
Financial terms were not disclosed
Vance is forming a new company named Fermatex Vascular Technologies. Gore associates working at these facilities will transfer employment to the new company.
The Wall Township operation in northern New Jersey – originally known as Adam Spence Corporation – was part of the Medical Products Division of Newark-based Gore, a global materials science company.
The acquired facilities design and manufacture high pressure braided tubing and extrusions, and assembly/molding for the medical industry. The products are used in the cardiovascular device market.
The Vance Street team brings direct knowledge of the medical tubing and catheter industry. Mike Janish, a partner at Vance Street, and John LeRosen, a principal at Vance Street, were previously the CEO and CFO, respectively, of Avalon Laboratories. Avalon Laboratories is a manufacturer of highly specialized catheters and medical tubing products for cardiology, pulmonology and related applications. The company was acquired by Nordson in August 2014.
“Fermatex provides an exciting platform for growth and enables us to partner with a strong team with world class capabilities in the manufacturing of complex medical catheter components,” said Mike Janish. “This latest acquisition will enable us to leverage Vance Street’s considerable expertise and relationships and create a world-class catheter engineering and manufacturing company.”
“The Vance Street team was a strong partner throughout the course of this transaction and clearly demonstrated their experience in managing highly technical medical device businesses. We believe their team will continue to build on Gore’s strong performance, and will position Fermatex and its employees for future success,” said David Lane, business leader at W.L. Gore & Associates.
Gore, best known for its smaller employment sites and lack of top-down management, has sold off businesses over the years that do not fit its current strategy.
Vance Street Capital is a Los Angeles- based private equity firm which invests in middle-market businesses in the medical, aerospace, defense and industrial sectors. For more information, visit:www.vancestreetcapital.com.
Gore is headquartered in Newark, with its medical operation based in Flagstaff, AZ.