Vance Street Capital, a Los Angeles-based private equity firm, has acquired Applied Plastics (Applied), an advanced coatings provider to the medical end markets.
This is Vance Street’s sixth investment out of Vance Street Capital II, and its fourth investment in the medical space in the past three years. Terms of the transaction have not been disclosed.
Founded in 1953 and headquartered in Norwood, Massachusetts, Applied provides specialty PTFE coatings on wires and other metal-based components for the medical device industry, with a primary emphasis on the advanced catheter market. Applied’s customers include the leading medical device OEMs and contract manufacturers focussed on high-growth microcatheter segments such as electrophysiology (EP), neurovascular, peripheral vascular, TAVR and neuromodulation, among others.
Dave Ring, CEO of Applied, is retaining a material ownership position in the company. “We are excited to partner with Vance Street as we look toward our next chapter of growth,” says Ring. “Vance Street’s highly relevant investing and operating experience in the medical manufacturing space made them the ideal partner to help Applied execute on the exciting growth we see across our customer base.”
Brian Martin, Managing Partner at Vance Street, says: “Dave Ring has built an industry leading and highly differentiated business that is well positioned across the fastest growing medical end markets. We’re excited to support the Applied team during this next chapter of growth.”
