PaR Systems, Inc. said it acquired OakRiver Technology, Inc., a developer of platform technology for medical device makers. .PaR Systems is an MML Capital Partners portfolio company.
PaR Systems Acquires OakRiver Technology
Saint Paul/Minneapolis, Minnesota (June 13, 2012)– PaR Systems, Inc., the custom engineered systems company providing automation solutions for critical applications, today announced it has acquired OakRiver Technology, Inc., a leading provider of complex, highly engineered automated equipment platforms for medical device and high tech industrial clients. OakRiver Technology is now part of the new PaR Life Science and Process Automation group, and will continue to operate under its current business name in Oakdale, Minnesota.
OakRiver has supplied process automation equipment to some of the world’s largest medical device companies to enhance manufacturing efficiency, particularly for single-use medical devices deployed into the cardiovascular, neurology, peripheral vascular and drug delivery markets. OakRiver has also designed and built equipment for highly specialized, complex manufacturing operations for industrial and semiconductor markets.
OakRiver will continue to support its market base with three primary business units:
· Process Automation: Designs and builds equipment primarily for the manufacture of medical devices and other high tech products, integrating precision motion, laser systems, measurement and inspection tools, vision systems, and software.
· Applications Engineering & Services: Concept and process development, equipment upgrades, installation assistance, field services and system troubleshooting, validation support, and turnkey contract manufacturing and support.
· OakRiver Products: Proprietary line of medical coating equipment and precision measuring devices including Hydrophilic Dip Coaters, and Durability/Lubricity Testers.
Automated systems are key in addressing increased product complexity, developing robust manufacturing processes and scaling up production. Combined with PaR Systems’ expertise in lab automation equipment and larger project integration, OakRiver, as a part of PaR Life Science and Process Automation led by President Rick Shand, will be a complete supplier of equipment, systems, and services to a broad range of clients seeking solutions to complex and challenging manufacturing needs for quality, safety and reliability. Rick notes, “The entire OakRiver team is committed to continue building upon our 14 years of automation and manufacturing experience with a company that has over 50 years of history delivering complex engineering solutions. Our values, expertise, and operational capabilities align well.”
“OakRiver Technology brings to PaR deep engineering talent with superior technology know-how. They have a great combination of strong operational and engineering expertise and focus while sustaining steady growth. Like PaR, their customer base views them as a trusted partner for demanding and complex solutions and they continually adopt new technologies to add to their solutions arsenal. We are excited about the market opportunities OakRiver brings to the mix, and pleased to add this quality organization to the PaR family,” states Mark Wrightsman, President and CEO of PaR Systems.
PaR Systems, a portfolio company of MML Capital Partners, is a world leader in providing advanced engineered equipment, systems, and services for critical material handling and automation applications to improve customer quality, safety, and productivity. Since 1961, PaR has created custom-engineered, and often times, first-of-a-kind manufacturing solutions for a broad range of industries including aerospace, defense/marine, hazardous material/nuclear, heavy material handling, industrial manufacturing, and life sciences. PaR Systems is headquartered in Minnesota, with global engineering and manufacturing centers of excellence. For more information on PaR Systems, visitwww.par.com.
MML Capital Partners (www.mmlcapital.com) is a leading pan-European and transatlantic independent investment firm with over $2 billion invested across 11 countries during the last 20 years. In partnership with management teams and key stakeholders, MML provides capital to businesses for expansion/acquisitions, recapitalizations and leveraged and management buyouts. MML has offices in London, Paris, and Stamford, Conn, and is currently investing its fifth fund.