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.”
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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.
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