Harvey & Company Exits MedPlast Inc
Harvey & Company Completes Successful Exit from MedPlast via Sale by Baird Capital
Harvey & Company initiated and participated in the acquisition of ATP’s Engineered Rubber and Plastics Group (“ERPG”) by a Midwest private equity fund. ATP’s ERPG and K&W Medical Specialties were combined to form MedPlast, a Tempe, Arizona-based manufacturer of precision-molded plastic and rubber components for the healthcare sector. With over 800 employees and five plants in Wisconsin, Arizona, Iowa, New Jersey, and Pennsylvania, Medplast is generating nearly $100 million in annual revenue. The deal provided a strong management with the necessary infrastructure to execute an aggressive growth strategy that will encompass organic growth and strategic add-on acquisitions.
CHICAGO – Dec. 6, 2016 – Baird Capital, the direct private investment arm of Robert W. Baird & Co. (Baird), today announced the sale of MedPlast, Inc. (“MedPlast”) to Water Street Healthcare Partners and JLL Partners. The financial terms of the deal were not disclosed.
Based in Tempe, Ariz., MedPlast is a leading global services providers to the medical device industry. As part of a proactive investment thesis, Baird and CEO Harold Faig formed MedPlast in 2008 by combining ATP Engineered Rubber & Plastics Group and K&W Medical Specialties, Inc. River Cities Capital Funds co-invested in this platform along with Baird Capital.
MedPlast acquired United Plastics Group in February 2012 and U.K.-based Orthoplastics in September 2013, at which time JZ Capital Partners Ltd. became a co-investor in the company. These acquisitions broadened MedPlast’s size and global reach to eleven manufacturing facilities across the U.S., U.K., China and Mexico. They also enabled MedPlast to serve as a one-stop solutions provider of custom plastic processing solutions and value-added services that support the world’s leading original equipment manufacturers (OEMs) with producing diagnostic, orthopedic, surgical and other medical products.
“We backed a strong team and they built a truly global platform with functional expertise to serve all aspects of the healthcare market,” said Andrew Brickman, Partner, Baird Capital. “Harold Faig has a fantastic track record in the manufacturing industry and we feel fortunate to have teamed with him to grow this business.”