ALPHARETTA, Ga.--(BUSINESS WIRE)--Spectrum Plastics Group, the market leading medical extruder with complementary injection molding, silicone, and assembly capabilities, is pleased to announce the acquisition of Fermatex Vascular Technologies, Inc, formerly Gore-Jersey Shore and most notably Adam Spence Corporation, from Vance Street Capital LLC. Fermatex is a leading supplier of reinforced medical tubing, catheter subassemblies, and specialty extrusions.
As an operation Fermatex is best known by its heritage and lineage as Adam Spence Corporation, which was founded in 1960. The business was later acquired by WL Gore in 2004 and recently sold to Vance Street Capital in 2017. It has been supporting the medical device industry for over 50 years and today employs approximately 100 people out of two adjoining ISO 13485 certified buildings encompassing 54,000 sq. feet, including certified clean rooms, in Wall, New Jersey. Spectrum Plastics Group intends to support the transition of the Fermatex brand back to Adam Spence, given the wider familiarity of its history and reputation.
Neil Shillingford, Spectrum Plastics CEO, remarks, "We are happy to welcome the Adam Spence team to the Spectrum Plastics Group. Its heritage and skills suit both our culture and objectives as leading medical device component and contract manufacturers. Combined, during this era of industry transition, our operations present exceptional scale and capability to medical device OEMs seeking the proper manufacturing partner for highly specialized components, catheter delivery systems and sub-assemblies.” The Adam Spence facilities will ultimately operate under Spectrum Plastics’ specialty technologies platform and work in tandem with its Apollo Medical Extrusion Technologies units and brand.
Mike Janish, CEO of Fermatex, will assist in transitioning the Jersey Shore operation. He remarks, “This is a great fit for Fermatex and to align ourselves with the global reach and resources of Spectrum Plastics Group. Spectrum Plastics is a natural extension for the ambitions we’ve had here since we started last year and we look forward to embedding ourselves with their team.”
Spectrum Plastics Group has executed 8 acquisitions during the last four years as it has evolved into a comprehensive medical components and plastics manufacturer. This event marks its second acquisition in the last three months, having acquired the precision injection molder Apex Resource Technologies in February of this year.
Both Spectrum Plastics Group and Fermatex will be exhibiting at the MD&M East show in New York City the second week of June, booths #1232 and #1638 respectively. Fermatex will be exhibiting as Adam Spence Vascular Technologies.
About Spectrum Plastics Group
Based in Alpharetta, Georgia with multiple plants across the United States, Mexico, Costa Rica, Ireland, and Malaysia, Spectrum Plastics Group is a North American leader in the design and fabrication of custom and specialty plastics products focusing on niche, high value-added end markets, including medical, food, and industrial applications. Spectrum Plastics offers a full range of custom design, engineering and fabrication services, as well as meet the requirements of ISO 9001, ISO 13485, and operates multiple Class 7 & Class 8 clean rooms. For more information, visit www.spgindustries.com, www.spectrumplastics.com or contact 404-564-8560.
About Fermatex Vascular Technologies
Fermatex designs and manufactures highly engineered medical extrusions, braid reinforced extrusions and catheter sub-assemblies for many of the world’s leading medical device OEMS. Originally founded as Adam Spence Corporation in 1960, the company was acquired by WL Gore in 2004 and sold to Vance Street Capital in 2017. The company was a pioneer in the contract design and manufacture of medical devices and has been providing extrusions to the medical device industry for more than 55 years. For more information please visit: www.fermatex.com.
About Vance Street Capital LLC
Vance Street Capital is a Los Angeles-based private equity firm, which invests in middle-market businesses in the medical, aerospace, defense and industrial sectors. For more than two decades, Vance Street’s partners have worked with management, family owners and other co-investors to accelerate revenue growth, improve operations and acquire strategic assets for the companies in their investment portfolio. For more information please visit: www.vancestreetcapital.com.