Global alternative asset manager ICG’s North American Direct Private Equity team has completed the acquisition of Seaway Plastics Engineering (Seaway), a provider of injection-moulded, engineered components and value-added services to the medical device, healthcare, specialty industrial, A&D, and other end markets in the United States.
ICG’s North American Direct Private Equity team will work with Seaway to grow the business organically, as well as through acquisition, in order to expand both its product and geographic footprint. Financial terms of the transaction have not been disclosed.
Seaway was founded in 1984 and has grown to become a full-service partner to over 400 customers across a range of end markets, with the majority of revenue generated by the medical device and healthcare segments. Seaway provides component manufacturing, design for manufacturing, and post-manufacturing services, with expertise in complex, low-to-mid volume production.
In addition to supporting Seaway as it executes on its long-range plan, ICG will help Seaway establish a formal ESG program and management framework, including systems for reporting against set science-based targets.
