ASHEBORO, N.C.--(BUSINESS WIRE)--Technimark, a global manufacturer of custom rigid plastic packaging and components, today announced its acquisition of Ci Medical Technologies, a specialty medical component manufacturer headquartered in Latrobe, Pennsylvania, from Altaris Capital Partners. Purchase price was not disclosed.
Ci Medical specializes in product development, scientific molding, contract manufacturing, assembly, packaging and logistics with a focus on cost effectiveness and quality. Operations at Ci Medical meet applicable ANSI and ISO standards and FDA regulations for the manufacture of its medical products, including insulin pumps, surgical tools and other specialized devices.
Technimark’s acquisition of Ci Medical will expand the manufacturing capabilities and global footprint for customers of both companies, leveraging Technimark’s culture of product innovation and technical excellence with Ci Medical’s scientific and healthcare manufacturing expertise. Technimark is a Pritzker Group company.
Ci Medical was founded in 1971 as Classic Industries, Inc. As the company grew at its Pennsylvania headquarters, it specialized in injection-molded components for medical, pharmaceutical and healthcare applications worldwide. Today Ci Medical has more than 550 employees at its five facilities in Pennsylvania, Texas, Mexico, Puerto Rico and the U.K. The combined company will have 14 facilities throughout the world including Germany and China.
“The acquisition of CI Medical accelerates Technimark’s growth in the medical injection molding market,” said Brad Wellington, CEO of Technimark. “We look forward to combining CI Medical’s blue chip customer base and manufacturing capabilities with Technimark’s global footprint and financial resources to expand our delivery of innovative, high-quality medical products at low cost for our valued customers.”
Robert Subasic, Jr., CEO of Ci Medical Technologies, added, “Ci Medical has been combining advanced technologies and engineering expertise to deliver cost-effective, quality healthcare products for more than 40 years. This partnership puts us in a great position for long-term growth and will allow the teams to work together to build lasting value.”
Tony Pritzker, Pritzker Group managing partner, added, “Pritzker Group acquired Technimark because of their great team and exceptional focus on customers and innovation. This acquisition of CI Medical represents an important leap forward in the medical products market and will significantly accelerate Technimark’s growth.”
“Ci Medical and Technimark are global innovators in plastics research, development and production, and both companies bring specialized expertise to the healthcare market,” said Michael Nelson, investment partner for manufactured products at the Pritzker Group. “This new partnership is powerful combination with amazing opportunities for continued growth.”
Technimark, a Pritzker Group Private Capital company, is a leading, global provider of custom rigid plastic packaging and components. For more than 30 years, Asheboro, N.C.-based Technimark has provided customers with customized, end-to-end solutions based on technology and innovation. With facilities in the United States, Mexico, China and Germany, the company delivers high quality products on a global basis primarily for consumer packaged goods, household care and specialty industrial customers. For more information, visit technimark.com.
About Ci Medical Technologies
Ci Medical Technologies is a full-service contract manufacturer of injection-molded components used in medical devices and pharmaceutical products. The company’s production facilities are located in Latrobe, Pennsylvania; El Paso, Texas; Ponce, Puerto Rico; and Durham, U.K.; and its third-party logistics facility is in Ciudad Juarez, Mexico. Ci Medical Technologies’ operations meet applicable ANSI and ISO standards, and FDA regulations, and reflect the best practices of Lean Six Sigma management. The company adds value to customers’ businesses by providing complete ship-to-stock logistical services to ensure that components arrive on-time at manufacturing partners’ facilities. Ci was founded in 1971 and is headquartered in Latrobe, Pennsylvania, near Pittsburgh. For more information, visit cimedtech.com.
About Pritzker Group
Pritzker Group, led by Tony and J.B. Pritzker, has three principal investment teams: Private Capital, which acquires and operates leading North America-based companies; Venture Capital, which provides early-stage and growth venture funding to technology companies throughout the United States; and Asset Management, which partners with top-performing investment managers across global public markets.
Pritzker Group Private Capital acquires North America-based middle-market companies with leading positions in the manufactured products, services and health care sectors. The firm’s permanent, proprietary capital base allows for efficient decision making, broad flexibility with transaction structure and investment horizon, and alignment with management teams focused on creating long-term value. Pritzker Group brings significant resources, expertise and credibility in building businesses and is an ideal partner for entrepreneur- and family-owned companies. For more information, visit pritzkergroup.com.