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Injection molder Seaway Plastics Engineering has acquired MME, a full-service contract manufacturer that provides injection molding, engineering, tooling, and assembly for medical and other regulated highly engineered applications. Those capabilities mesh with Seaway’s expertise serving the medical technology and other regulated industries with tooling, plastic injection molding, and secondary operations. The acquisition expands its geographic and product footprint in order to better serve its customers, said Seaway.
Seaway itself was acquired by private equity firm ICG in June of this year with the mission of helping the company accelerate growth, particularly in the global medical device market. MME provides additional scale, customer relationships, and product capabilities within its core end markets and better positions the combined company for both organic growth and future acquisitions, said Seaway.
Financial terms of the transaction were not disclosed.
“We are thrilled to have MME and its exceptional team join our business,” said Tom Orr, President and CEO of Seaway. “The strategic combination of MME with Seaway enhances the strengths of both businesses and enables us to expand sales coverage and production capacity. Together we are better equipped to service the growing needs of device manufacturers.”
The combined company will now have more than 240,000 square feet of manufacturing space across five facilities in Florida, California, and Minnesota, enabling the firm to improve customer service with multiple points of production and delivery.
MME was founded in 1974 and operates two plants in St. Paul, MN, offering plastic and liquid silicone rubber injection molding, two-shot rotary molding, and insert molding, as well as in-house tool construction and turnkey assembly. It operates approximately 30,000 square feet of cleanroom space.
“When we acquired Seaway, a crucial part of our investment thesis was to seek out strategic acquisitions, particularly those focused on the large and growing medical device end market,” said Kevin Gregory, Healthcare Sector Lead, North American Direct Private Equity at ICG. “We are thrilled to execute on this strategy, as the addition of MME leaves the Seaway team well-positioned to grow both organically and through additional acquisitions.”
The transaction was finalized on Sept. 30, 2022. Kirkland & Ellis served as legal counsel and Alvarez & Marsal served as accounting and tax due diligence provider to ICG and Seaway.
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