New Mountain Capital to Acquire Flexan
PR90867
NEW YORK, July 27, 2021 /PRNewswire=KYODO JBN/ --
An affiliate of New Mountain Capital, LLC ("New Mountain") announced that it
has reached a definitive agreement to acquire Flexan, a leading medical device
contract design and manufacturing organization that specializes in silicone,
thermoplastic, and specialty rubber components and devices. Flexan will be
acquired by ILC Dover, a New Mountain Capital portfolio company. The
transaction is expected to close by August 2021 subject to customary closing
conditions and regulatory approvals.
Photo - https://mma.prnewswire.com/media/1581732/ILC_Flexan_PR.jpg
Headquartered in Lincolnshire, IL, Flexan is a full-service leading contract
design and manufacturing organization specializing in high-precision silicone,
rubber, and thermoplastic components for the medical device industry. Founded
in 1946, Flexan serves many of the world's most respected medical device
companies who value Flexan's exceptional track-record, commitment to quality,
and superior execution. By partnering with ILC Dover, the combined company will
have the ability to leverage their respective expertise and capabilities to
serve a broader client base situated in both medical device and
biopharmaceutical end markets.
"Flexan's expertise in silicone molding and thermoplastic extrusion enables the
company to deliver mission-critical components and devices to medical device
manufacturers and ultimately improve patient care," said Andre Moura, Managing
Director at New Mountain Capital. "We look forward to working closely with the
management teams at Flexan and ILC Dover to drive the next chapter of growth
and innovation across life sciences markets."
This is the second acquisition ILC Dover has completed since announcing a
partnership with New Mountain Capital in early 2020. The acquisition will
continue to grow ILC Dover's life sciences solutions for its global customer
base, including for the pharmaceutical and biopharmaceutical end markets.
Simpson Thacher & Bartlett LLP acted as legal counsel to New Mountain Capital
and Kirkland & Ellis LLP acted as legal counsel to Flexan. BNP Paribas served
as financial advisor to New Mountain Capital and Baird served as the financial
advisor to Flexan.
About New Mountain Capital:
New Mountain Capital is a New York-based investment firm that emphasizes
business building and growth, rather than debt, as it pursues long-term capital
appreciation. The firm currently manages private equity, public equity, and
credit funds with over $33 billion in assets under management. New Mountain
seeks out what it believes to be the highest quality growth leaders in
carefully selected industry sectors and then works intensively with management
to build the value of these companies. For more information on New Mountain
Capital, please visit www.newmountaincapital.com
About ILC Dover:
ILC Dover is a world-leader in the innovative design and production of
engineered flexible protective solutions for pharmaceutical and
biopharmaceutical, flood protection, personal protection, bulk packaging, and
aerospace industries. Our customers will attest to our relentless dedication to
high value products, advanced technology, and responsive service, as our
visionary solutions have improved efficiency while safeguarding people,
product, and infrastructure in hazardous conditions through flexible protective
solutions since 1947. For more information on ILC Dover, please visit
www.ilcdover.com
Disclaimer:
This press release contain statements that may constitute "forward looking
statements" including and without limitation, statements relating to product
characteristics and uses, sales potential and target dates for product launch
, implementation of strategic initiatives, and other statements relating to our
future business developments and economic performance. While these forward
looking statements represent our judgment and future expectations concerning
the development of our business, a number of risks, uncertainties and other
factors could cause actual developments and results to differ materially from
our expectations. The company undertakes no obligation to publicly revise any
forward looking statements to reflect future events or circumstances and will
not be held liable for any use of this information.
Source - New Mountain Capital
CONTACT: For New Mountain Capital: Dana Gorman / Matthew Butler, Abernathy
MacGregor, dtg@abmac.com / msb@abmac.com, 212-371-5999; For Flexan: Mike
Huiras, mike.huiras@flexan.com, 224-543-0156
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