Ancor Capital Partners has sold disposable medical device maker Avail Medical Products Inc. to Flextronics (Nasdaq: FLEX). No financial terms were disclosed.
Flextronics (NASDAQ:FLEX), a global leading Electronics Manufacturing Services (EMS) provider and Avail Medical Products, Inc., market leader in disposable medical devices, announced the closing of the sale of Avail to Flextronics. Avail Medical was privately held and was controlled by Ancor Capital Partners, based in Fort Worth, Texas. The acquisition significantly broadens Flextronics Medical segment's offerings, and establishes Flextronics as a leading supplier and partner for the medical industry. With the combination of continued strong organic growth and the acquisition of Avail, Flextronics Medical expects to generate $850-$950 million in revenue in the fiscal year ending March 31, 2009, which represents a year-over-year growth rate of 90%.
Avail Medical Products, Inc. (“Avail”) was the consolidation of four companies, Struckmeyer Corporation, Pacific Device, Centrex Precision Plastics and Horizon Medical. Struckmeyer originally based in Dallas, Texas was transformed into Avail Medical and became the largest provider of outsourced design, development and manufacturing solutions for finished disposable medical devices in the U.S. Avail employs 3,000 people with locations in Mexico, Europe, China, and headquartered in Fort Worth, Texas.
Headquartered in Singapore, Flextronics is a leading Electronics Manufacturing Services (EMS) provider focused on delivering complete design, engineering and manufacturing services to automotive, computing, consumer digital, industrial, infrastructure, medical and mobile OEMs. With fiscal year 2007 revenues from continuing operations of US $18.9 billion, Flextronics helps customers design, build, ship, and service electronics products through a network of facilities in over 30 countries on four continents. This global presence provides design and engineering solutions that are combined with core electronics manufacturing and logistics services, and vertically integrated with components technologies, to optimize customer operations by lowering costs and reducing time to market.
Ancor Capital Partners, based in Fort Worth, Texas is an operations oriented private equity firm focused on manufacturing and distribution companies in the lower-middle market. The operational orientation of the Ancor team allows it to understand the critical business enhancement issues faced by lower middle market companies. The firm has a proven track record having acquired 19 companies, 13 of which have been platform acquisitions and 6 add-on acquisitions over its 13 year history.