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Posts Categorized / Market Letters

  • Dec 09 / 2015
  • Comments Off on Manning Deal Alert: Technimark acquires Ci Medical
Acquisition, Deal Brief, Market Letters, Medical Device

Manning Deal Alert: Technimark acquires Ci Medical

Technimark LLC has acquired Ci Medical, formerly Classic Industries, as Technimark moves into the medical device supply chain.

Key points:

· Ci Medical offers Technimark a vertically integrated, plastics based medical contract manufacturer with services ranging from device design through molding and fulfillment

· Technimark gains plants in the United States, Mexico, Puerto Rico, and the United Kingdom

· This is a deal between private equity companies. Alteris, a longtime investor in CI Medical, is selling to the Pritzker Group, an established investor in the manufacturing companies

Terms of the transaction were not announced. The transaction indicates that there is still significant interest among diversified precision manufacturers in entering the medical supply chain. Manning Advisors will be releasing its study of the value and risk of diversification and specialization of the precision manufacturing fields in the next few weeks.

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  • Aug 04 / 2014
  • Comments Off on Tecomet to acquire Symmetry Medical’s OEM Solutions Business
Acquisition, Deal Brief, Market Letters

Tecomet to acquire Symmetry Medical’s OEM Solutions Business

Tecomet and Symmetry Medical (NYSE:SMA) announced today that Tecomet will acquire Symmetry’s OEM Solutions Business for $450 million in an all cash transaction. OEM Solutions manufactures orthopedic implants, instruments, and cases and is based in Warsaw, Indiana.

The Numbers

Relying on Symmetry Medical’s published numbers for the last four reported quarters:

Symmetry Medical OEM Solutions

Q1 2013 through Q1 2014 1
($ thousands)

Revenues

 $316,196

Operating Income 2

 $29,025

Estimated EBITDA 2

 $42,325

Est. EBITDA Multiple on $450 million transaction

 10.6X

1 Source: Symmetry Medical financial reports on file with Securities and Exchange Commission
2 Includes adjustments for one-time and non-recurring events by Manning Advisors

Analysis

The big get bigger. Tecomet has been an acquirer in the recent past, buying Teleflex’s OEM orthopedics business in 2012. The combined entity looks to have consolidated revenues of over $400 million.

This transaction is another example of supply chain consolidation forming dominant players of over $100 revenue. It also illustrates the enhanced premiums consolidators will pay for dominant market/customer position.

For More Information

Please contact Richard W. Sager at Manning Advisors at rsager@manningadvisors.com or directly at (585) 315-8413.
  • Aug 17 / 2013
  • Comments Off on Contract Manufacturer and Branded Products
Market Letters

Contract Manufacturer and Branded Products

Symmetry Medical

At some point most medical contract manufacturers have thought about offering higher margin branded products. A large company that has taken that step is Symmetry Medical, a contract manufacturer specializing in orthopedic products as well as a seller of branded surgical instruments. Given that Symmetry is a publicly traded company the medical supply chain has an opportunity to see in detail how such a strategy fares.

Read entire letter here.

  • Aug 17 / 2013
  • Comments Off on Contract Manufacturer and Branded Products
Market Letters

Contract Manufacturer and Branded Products

Symmetry Medical

At some point most medical contract manufacturers have thought about offering higher margin branded products. A large company that has taken that step is Symmetry Medical, a contract manufacturer specializing in orthopedic products as well as a seller of branded surgical instruments. Given that Symmetry is a publicly traded company the medical supply chain has an opportunity to see in detail how such a strategy fares.

Read entire letter here.

  • Jun 16 / 2013
  • Comments Off on Market Advisory – Two Deals of Note
Market Letters

Market Advisory – Two Deals of Note

Angiotech and Argon/RoundTable

Argon Medical Devices, Inc. and their financial backer RoundTable Healthcare Partners acquired the Interventional Products Business of Angiotech Pharmaceuticals.

Theragenics and Juniper

Juniper Investment Company‘s most recent offer of $2.25 to $2.30 per share for Theragenics, Inc. (NYSE:TGX) at $70 to $72 million overall.

Read entire advisory here.

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