PE Deals

ONCAP to invest in medical device contract manufacturer Biomerics

Biomerics will merge with the medical business of ONCAP portfolio company Precision Concepts.

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  • ONCAP is investing in partnership with Biomerics founder and CEO Travis Sessions, current Biomerics shareholder Wasatch Equity Partners and the Marino family
  • Precision Concepts is a manufacturer of finished medical devices and specialty rigid packaging solutions
  • ONCAP acquired the business in August 2018

ONCAP has agreed to invest in Biomerics, a Salt Lake City, Utah-based medical device contract manufacturer focused on micro-plastics, micro-metals, image-guided intervention, and final device assembly for interventional sectors.

No financial terms were released for the deal, which is expected to close in June.

Biomerics will merge with the medical business of ONCAP portfolio company Precision Concepts, including Precision Concepts Group of Winston-Salem, North Carolina, which was acquired from the Marino family in April.

Precision Concepts is a manufacturer of finished medical devices and specialty rigid packaging solutions. ONCAP acquired the business in August 2018.

ONCAP is investing in partnership with Biomerics founder and CEO Travis Sessions, current Biomerics shareholder Wasatch Equity Partners and the Marino family.

“This transaction is the culmination of many years of work to develop an expertise in the medical device sub-sector and is a logical next step to expanding the medical business we have built at Precision Concepts,” said Ryan Mashinter, a senior managing director with ONCAP, in a statement. “We are delighted to be partnering with Travis, Wasatch, and the Marino family to further build on the company’s tremendous success and vertical integration through a variety of organic and acquisition growth initiatives.”

ONCAP, the mid-market platform of Toronto-based private equity firm Onex, invests in North American headquartered small- and medium-sized businesses. Onex has $51.1 billion in assets under management.

William Blair and Stifel acted as financial advisors to Precision Concepts while Raymond James & Associates acted as financial advisor to ONCAP.