Alternative Investment

Seaway Plastics Engineering Acquires MME Group

PORT RICHEY, Fla.–()–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.

About 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.

About ICG

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).

Further details are available at www.icgam.com. You can follow ICG on LinkedIn and Twitter.

**For institutional/professional/accredited investors only.

This document is being provided to you by the subsidiaries or affiliates of Intermediate Capital Group plc (“ICG”, and together with their respective directors, officers, employees, partners, members, shareholders, advisers, and agents, as the context requires, “the ICG Parties”) on a strictly confidential basis and no part may be reproduced or redistributed in any form, by any means without the prior express written consent of ICG. This document is intended only for information purposes and convenient reference and does not create any legally binding obligation on any of the ICG Parties. The ICG Parties expressly disclaim any liability for the use, misuse, or distribution of this information to unauthorized recipients.

This document: (i) is not intended as an offer or solicitation with respect to the purchase or sale of any security or financial instrument; (ii) is not to be relied upon in evaluating the merits of investing in any securities; and (iii) is provided solely as reference material for background purposes. You should be aware that investing in a fund sponsored by ICG (an “ICG Fund”) involves a high degree of risk, and there can be no assurance that an ICG Fund’s investment objective will be achieved or that you will receive a return on your capital. The possibility of partial or total loss of capital from an investment in an ICG Fund will exist and you must be prepared to bear such losses. You should refrain from investing in an ICG Fund unless you fully understand all the risks involved and you independently determine that the investment is suitable for you. ICG is not your designated investment advisor.

ICG may encounter potential conflicts of interest in connection with the activities of an ICG Fund. Please see the applicable ICG Fund’s offering memorandum or any other such similar documents for additional information. A private offering of interests in an ICG Fund may only be made pursuant to the final confidential private placement memorandum for the fund and any supplements (or any other such similar documents) thereto (the “Memorandum”) and the fund’s governing and subscription documents (together, the “Offering Documents”), which may be furnished to qualified investors on a confidential basis at their request for their consideration in connection with such offering. The information contained herein will be superseded by and is qualified in its entirety by reference to the Offering Documents, which contains additional information about the investment objective, terms and conditions of an investment in the fund and also contains tax information and risk and conflict of interest disclosures that are important to any investment decision regarding the fund. No person has been authorized to give any information or make any representations other than as contained in the Memorandum and, if given or made, any such information or representation must not be relied upon as having been authorized by the fund or any of the ICG Parties. A prospective investor should not invest in any fund interests unless satisfied that it (alone or together with its investment representative) has asked for and received all information that would enable the investor (or both of them) to evaluate the merits and risks of the proposed investment.

Although certain information has been obtained from, and is based upon sources that we consider reliable, none of the ICG Parties guarantee its accuracy, and it may be incomplete or condensed. All opinions, projections and estimates constitute the judgement of the ICG Parties, as of the date of the document and are subject to change without notice. The ICG Parties make no representation or warranty, express or implied as to the fairness, correctness, accuracy or completeness of this document. The ICG Parties accept no responsibility for any loss arising for any action taken or not taken by anyone using the information contained herein. This document is not to be relied upon in substitution for the exercise of independent judgment. ICG may have issued, and may in the future issue, other communications that are inconsistent with, and reach different conclusions from, the information contained herein. This document reflects the different assumptions, views and analytical methods of the analysts who prepared them and ICG is under no obligation to ensure that such communications are brought to the attention of any recipient of this document. Past performance should not be taken as an indication or guarantee regarding future performance, and no representation or warranty, express or implied is made regarding future performance. Moreover, certain information contained herein constitute “forward-looking statements,” which may be identified by the use of forward-looking terminology such as “may,” “will”, “should,” “expect,” “anticipate,” “target,” “project,” “forecast,” “estimate,” “intend,” “continue” or “believe,” or the negatives thereof or other variations thereon or comparable terminology. Any forward-looking statements or results in this presentation are based upon current assumptions, may be simplified and may depend on events outside ICG’s control. Due to various risks and uncertainties actual events or results or the actual performance of the fund may differ materially from those reflected or contemplated in such forward-looking statements. Statements herein are made as of the date hereof unless stated otherwise herein.

Source link

Leave a Comment