Phillips-Medisize has announced that it has entered into a definitive agreement under which Golden Gate Capital will acquire the company from funds managed by Kohlberg & Company.
Phillips-Medisize will keep it global headquarters in Hudson and the present management team will stay in place including president & ceo, Matt Jennings.
Terms of the transaction were not disclosed.
Phillips-Medisize is a global provider of design and manufacturing services to the pharmaceutical, medical device, diagnostic and speciality commercial markets.
The company has annual sales of around $600 million with 75% of total revenue generated from drug delivery, medical device, primary pharmaceutical packaging and diagnostic products such as disposable insulin pens, glucose meters, inhalation devices, single-use surgical devices and consumable diagnostic components. It employs over 3,100 staff in 19 locations throughout the US, Europe, China and Mexico.
“We are excited to partner with Golden Gate Capital, who is fully aligned with our longterm plan and shares our deep-rooted commitment to providing customers with innovative high-quality and cost-effective solutions with world-class service,” said Matt Jennings, ceo.
“Golden Gate’s financial support, successful track record of backing manufacturing companies and deep industry relationships will help perpetuate the company’s strong momentum and further solidify our market-leading position. We look forward to working with our new partners as we continue to successfully execute our strategy.”
“Phillips-Medisize represents a terrific opportunity to invest in a strong design and manufacturing service platform with global scale and a proven track record of delivering an exceptionally broad and deep set of capabilities to its customers,” said Rajeev Amara, managing director, Golden Gate Capital.