Vention Medical Acquires ATEK Medical Group
MARLBOROUGH, Mass.--(BUSINESS WIRE)--Vention Medical, a leading full-service medical device outsourcing company, announced today the signing of a definitive agreement to acquire the ATEK Medical Group, which consists of ATEK Medical and ATEK Plastics. Vention expects to close the transaction within the next month. The ATEK Medical Group is a leader in medical device assembly, packaging and injection molding.Vention Medical and ATEK Medical Group share a common focus on providing innovative solutions to benefit customers. The combined company will have an unprecedented suite of capabilities & services that includes: product design & development; innovative component technologies including balloons, shrink tubing, extrusions, and injection molding; assembly & packaging; strong LEAN business processes, and increased scale to invest and grow with our customers. Our combined Costa Rica campus will include over 175,000 sqft of manufacturing space and a range of advanced manufacturing technologies to support lower cost manufacturing of complex medical devices in an FDA audited campus. In addition, ATEK recently opened a second facility of 85,000 sq.ft. in Grand Rapids MI to support growing customer needs within the United States. The ATEK Medical Group has facilities located in Grand Rapids, MI, Kerrville, TX and Heredia, Costa Rica. Since its inception over three decades ago, ATEK Medicals Grand Rapids location has launched more than 400 medical devices. In addition, the company manufactures 6+ million finished goods units and 150 million medical plastics components annually.
Dan Croteau, CEO of Vention Medical said, "Our partnership with the ATEK Medical Group management team will allow Vention to provide an enhanced customer experience. Like Vention, ATEK Medical Group aspires to continually satisfy customers through intense focus on services that improve quality, innovation, and cost. With the tremendous pressures our medical device customers are facing, it is an exciting time to offer our comprehensive set of solutions to the market. We are also pleased that ATEKs major shareholder, Christy Orris, along with Kay Phillips, President of ATEK Companies will become shareholders of Vention Medical and that Ms. Phillips will also be joining the Vention Medical Board of Directors."
Chris Oleksy, President of ATEK Medical, and Tom Houdeshell of ATEK Plastics, added; "As a growing company, Vention is a very appealing partner for us in terms of their experience and their complimentary capabilities in design, components, and assembly. We are excited to work together to continue to build upon our companys successes and create the industry leading solutions partner for our customers."
About Vention Medical
Vention Medical is an innovative medical device solutions partner offering clients more than 30 years of experience in all phases of design, engineering, component manufacturing, and finished device assembly. Vention Medical specializes in components and services used in interventional and minimally invasive products, including medical balloons, advanced extrusions and heat shrink tubing, clean room injection molding, assembly and packaging services.