PORT RICHEY, Fla.–(BUSINESS WIRE)–Seaway Plastics Engineering (“Seaway”), a leading provider of injection-molded engineered components and value-added services to the medical device, healthcare, specialty industrial, A&D, and other end markets in the United States, today announced the acquisition of MME Group (“MME”). MME is a full-service contract manufacturer based in Minnesota that provides injection molding, engineering, tooling, and assembly for FDA-regulated medical and other regulated highly engineered products.
This acquisition advances Seaway’s strategy of expanding its geographic and product footprint in order to better serve its customers. The US private equity business of global alternative asset manager ICG acquired Seaway in June 2022 to help the company accelerate its growth, particularly in the growing global medical device market. MME provides additional scale, customer relationships, and product capabilities to Seaway within its core end markets and better positions the combined company for both organic growth and future acquisitions. Financial terms of the transaction have not been disclosed.
“We are thrilled to have MME and its exceptional team join our business,” said Tom Orr, President & 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 over 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, offering a full suite of capabilities including plastic and liquid silicone rubber injection molding, two-shot rotary molding, and insert molding, as well as in-house tool construction and turn-key assembly. Its facilities offer over 110,000 square feet of manufacturing space, including approximately 30,000 dedicated to cleanroom manufacturing.
“I am proud of the meaningful growth that MME has achieved since I took ownership of the business and am confident that partnering with Seaway is the right next step for our business and employees,” said Bob Archambault, President and CEO of MME Group. “Seaway and MME have highly complementary capabilities, and we will leverage our combined skillsets to fully service our growing customer base. With Tom and ICG, I know that I will be leaving the business in good hands.”
“Over its nearly 50-year history, MME has built deep relationships with a high-quality customer base and has demonstrated a strong track record of organic growth. We were impressed by how well MME’s business complements Seaway’s, and that synergy will help Tom and the management team smoothly integrate MME,” said Uzair Dossani, Managing Director, North American Direct Private Equity at ICG.
Kevin Gregory, Healthcare Sector Lead, North American Direct Private Equity at ICG added, “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. We are thrilled to execute on this strategy, as the addition of MME leaves Tom and the Seaway team well-positioned to grow both organically and through additional acquisitions.”
The transaction was finalized on September 30, 2022. Kirkland & Ellis served as legal counsel and Alvarez & Marsal served as accounting and tax due diligence provider to ICG and Seaway.
Seaway Plastics Engineering has established high standards for excellence and quality within highly regulated industries requiring tooling, plastic injection molding and secondary operations. From prototype to higher volume production capabilities, the company is a one-stop solution for complex projects in the medical, aerospace, defense, and precision industrial industries. Seaway has 5 locations across Florida, California, and Minnesota occupying 240,000 square feet and is ISO 13485 certified in all facilities to service a wide range of clients. With 450 employees, the team’s experience ensures that products are completed with skill and speed for faster turnarounds and a commitment to quality.
ICG provides flexible capital solutions to help companies develop and grow. We are a leading global alternative asset manager with over 30 years’ history, managing $71.3bn of assets and investing across the capital structure. We operate across four asset classes: Structured and Private Equity, Private Debt, Real Assets, and Credit.
We develop long-term relationships with our business partners to deliver value for shareholders, clients, and employees, and use our position of influence to benefit the environment and society. We are committed to being a net zero asset manager across our operations and relevant investments by 2040.
ICG is listed on the London Stock Exchange (ticker symbol: ICP).
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