NEW YORK– An affiliate of New Mountain Capital, LLC (“New Mountain”) announced that it has reached a definitive agreement to acquire Flexan, a leading medical device contract design and manufacturing organization that specializes in silicone, thermoplastic, and specialty rubber components and devices. Flexan will be acquired by ILC Dover, a New Mountain Capital portfolio company. The transaction is expected to close by August 2021 subject to customary closing conditions and regulatory approvals.
Headquartered in Lincolnshire, IL, Flexan is a full-service leading contract design and manufacturing organization specializing in high-precision silicone, rubber, and thermoplastic components for the medical device industry. Founded in 1946, Flexan serves many of the world’s most respected medical device companies who value Flexan’s exceptional track-record, commitment to quality, and superior execution. By partnering with ILC Dover, the combined company will have the ability to leverage their respective expertise and capabilities to serve a broader client base situated in both medical device and biopharmaceutical end markets.
“Flexan’s expertise in silicone molding and thermoplastic extrusion enables the company to deliver mission-critical components and devices to medical device manufacturers and ultimately improve patient care,” said Andre Moura, Managing Director at New Mountain Capital. “We look forward to working closely with the management teams at Flexan and ILC Dover to drive the next chapter of growth and innovation across life sciences markets.”
This is the second acquisition ILC Dover has completed since announcing a partnership with New Mountain Capital in early 2020. The acquisition will continue to grow ILC Dover’s life sciences solutions for its global customer base, including for the pharmaceutical and biopharmaceutical end markets.
Simpson Thacher & Bartlett LLP acted as legal counsel to New Mountain Capital and Kirkland & Ellis LLP acted as legal counsel to Flexan. BNP Paribas served as financial advisor to New Mountain Capital and Baird served as the financial advisor to Flexan.