LISLE, Ill.--(BUSINESS WIRE)--Molex, LLC, a global manufacturer of complete interconnect solutions, announced today that one of its subsidiaries has entered into a binding agreement to acquire Phillips-Medisize Corporation, a global leader in outsource design, development and manufacturing services for the medical industry that 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. The agreement is subject to customary closing conditions and is expected to close in the fall. Financial terms of the transaction were not disclosed.
Phillips-Medisize, which is headquartered in Hudson, WI, specializes in the medical device and diagnostics, drug delivery, and primary pharmaceutical packaging markets. It has a global design network that supports North America, Europe and China and employs more than 4,300 people in 17 production locations throughout the United States, Europe, Mexico and China. Phillips-Medisize Corporation will operate as an indirect subsidiary of Molex, LLC.
“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.”
“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.”
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."
Molex’s exclusive financial advisor is Morgan Stanley & Co. LLC.
Molex brings together innovation and technology to deliver electronic solutions to customers worldwide. With a presence in more than 40 countries, Molex offers a full suite of solutions and services for many markets, including data communications, consumer electronics, industrial, automotive, commercial vehicle and medical. For more information, please visit www.molex.com.
Phillips-Medisize is a leading global outsource provider of design and manufacturing services to the drug delivery and combination products, consumable diagnostics and medical device, and specialty commercial markets. The company has annual sales of over $700 million with 80% of the total revenue coming from drug delivery, medical device, primary pharmaceutical packaging and diagnostic products such as: disposable insulin pens, glucose meters, specialty inhalation drug delivery devices, single use surgical devices and consumable diagnostic components.
Phillips-Medisize Corporation features a list of blue chip medical device, pharmaceutical and specialty commercial customers. The company partners with its customers to provide design and development services which accelerate speed to market of innovative products and then works with its customers to deploy advanced automated assembly and quality control technologies which reduce manufacturing cost while improving quality. The company’s core advantage is the knowledge of its people to integrate design, molding, and automation to drive low cost and high quality manufacturing solutions.
About Golden Gate Capital
Golden Gate Capital is a San Francisco, CA-based private equity investment firm with approximately $15 billion of capital under management. Golden Gate Capital is dedicated to partnering with world-class management teams to invest in change-intensive, growth businesses. The firm targets investments where there is a demonstrable opportunity to significantly enhance a company’s value. The principals of Golden Gate Capital have a long and successful history of investing with management partners across a wide range of industries and transaction types. For more information visit www.goldengatecap.com.
Molex is a registered trademark of Molex, LLC in the United States of America and may be registered in other jurisdictions.