GemCity Engineering & Manufacturing has acquired a Pennsylvania-based contract manufacturer of medical implants for an unspecified amount.
The financing for the acquisition of Vistek Medical comes from Riverside Partners, a Boston-based private equity firm that is GemCity’s majority shareholder, according to a statement from the companies.
“After evaluating a number of potential acquisitions, we found the perfect fit,” said Steven Kaplan, a general partner with Riverside. “Both companies serve blue-chip customers whose primary focus is innovative, high-quality solutions for their end-customers.”
The Power Behind Enterprise EHR Software for Large Healthcare Systems
Enterprise EHR boosts scalability, interoperability, and governance for large healthcare systems.
The combined company will operate plants in Ohio, Pennsylvania and Thailand.
Vistek makes medical products such as bone screws; spine, neck, hip and knee implants; stents; and surgical tools. The Ivyland, Pa.-based company also has clients in other industries such as telecommunications and aerospace.
Founded in 1936, GemCity is also a contract manufacturer. It specializes in industries such as defense, semiconductors, medical and fuel cells.
Riverside focuses on middle-market companies, which it defines as those with annual revenue between $20 million and $200 million. Earlier this year, it closed its fourth fund with $406 million in commitments.
Why Pharma Companies Should Look To Social Media For Better Patient Insight
Healthcare decision-makers, especially at pharmaceutical companies, must prioritize patient input. Data collected from social media listening is a significant step in the right direction.