Golden Gate Capital has agreed to sell Phillips-Medisize Corp, a provider of design, development and manufacturing services for the medical sector. The buyer is Molex LLC. No financial terms were disclosed.
Hudson, WI – August 17, 2016 – Phillips-Medisize Corporation (Phillips-Medisize), a global leader in outsource design, development and manufacturing services for the medical industry announced today that it has entered into a binding agreement to be acquired by Molex LLC (Molex), a global manufacturer of complete interconnect solutions. Phillips-Medisize is a portfolio company of San Francisco, CA-based Golden Gate Capital, a private equity investment firm with approximately $15 billion of capital under management.
Molex designs and manufactures electronic, electrical and fiber optic systems and solutions. As one of the world’s largest interconnect companies, Molex employs over 40,000 people in more than 40 countries.
Molex and Phillips-Medisize share a similar culture and approach to managing the business that creates strong partnerships built on quality and innovation,” said Matt Jennings, chairman, president and CEO, Phillips-Medisize Corporation. “Molex’s global scale in electronics, coupled with Phillips-Medisize’s strength in designing and manufacturing innovative products for medical device customers, will help us become a global leader in connected health solutions.”
“Phillips-Medisize has a talented, experienced and innovative team that has strong customer relationships because of its outstanding ability to serve the unique needs of the medical solutions market,” said Tim Ruff, senior vice president of business development and corporate strategy, Molex LLC. “Combined with Molex’s expertise in electronics and broad global manufacturing presence, we are confident that together we can significantly expand our medical solutions capabilities globally.”
Rajeev Amara, a Managing Director of Golden Gate Capital stated, “In just three years of our ownership, Phillips-Medisize has executed on a transformative vision to become a global leader in the manufacturing of biologics drug delivery devices. We would like to thank all the employees for their hard work and wish them well in the future.”
Terms of the transaction were not disclosed. The transaction is subject to customary closing conditions and is expected to close in the fall.