June 1, 2016 Updated 6/1/2016
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Phillips-Medisize Corp. Phillips-Medisize Corp. is adding to its European footprint with the acquisition of Medicom Innovation Partner A/S.
Medical injection molder Phillips-Medisize Corp. is expanding its drug delivery operations, and European footprint, with the acquisition of Medicom Innovation Partner A/S, the companies announced June 1.
The terms and amount of the transaction were not disclosed. Morten Nielsen, CEO of Medicom, and the current management team will stay in place, according to a news release, with Nielsen reporting to Bill Welch, Phillips-Medisize’s chief technology officer and global leader of preproduction services.
“This transaction is consistent with our strategic focus on serving the rapidly growing diabetes, biologics, specialty pharmaceutical and personalized oncology markets that need these products and reinforces our leading position in drug delivery device solutions,” said Chairman, CEO and President of Phillips-Medisize Matt Jennings, in the release.
The addition of Medicom will expand Phillips-Medisize’s end-to-end injectable and inhalation device and services offerings as well as offer a chance to tap into Medicom’s technology accelerator programs and early device development strategy systems.
Medicom, based in Struer, Denmark, is home to about 90 employees in Denmark and the United Kingdom, was founded in 1989 as a technology venture of Bang & Olufsen.
Maj Invest Equity, a private equity investor in Denmark, bought a 65 percent majority stake in the company in 2007.
“We are confident that customers of both companies will benefit from an enhanced offering of end-to-end integrated service solutions across a global network while continuing to receive the same best-in-class service that they have come to expect,” Nielsen said, in the release. “Importantly, our companies are culturally aligned and we share the same deep-rooted passion for innovation which improves our customers’ competitiveness.”
Hudson, Wis.-based Phillips-Medisize had $ 620 million in corporate sales in 2015, with $ 355.4 million in injection molding sales from North America alone, according to data for Plastics News’ upcoming ranking of North American injection molders. It has 1,800 employees involved in its injection molding operations in North America.
Medisize was acquired by private equity firm Golden Gate Capital from Kohlberg & Co. LLC in 2014.
According to the company, about 75 percent of its business is in health-care applications such as medical devices, pharmaceutical packaging, drug delivery, glucose meters, drug inhalation devices, and disposable surgical devices and diagnostic components.
