New Mountain Capital affiliate buying medical supplier Flexan
ILC Dover LP, an affiliate of investment firm New Mountain Capital LLC, said it has reached an agreement to acquire Flexan LLC, a medical molder and contract manufacturer that specializes in silicone, thermoplastic and specialty rubber components.
The transaction is expected to close by August, according to New Mountain. Terms were not disclosed.
Headquartered in Lincolnshire, Ill., Flexan was founded in 1946. The company provides a range of services, from molding and extrusion to packaging and assembly. Flexan has the ability to mold in tight and specific geometries, and can bond rubber to metal and other substrates. The company supports product design and development as well.
Newark, Del.-based ILC Dover makes engineered flexible protective solutions for pharmaceutical and biopharmaceutical, flood protection, personal protection, bulk packaging, and aerospace customers.
The combined company will “leverage their respective expertise and capabilities to serve a broader client base situated in both medical device and biopharmaceutical end markets,” New York-based New Mountain said in a new release.
“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,” New Mountain Managing Director Andre Moura said in the release.
This is the second acquisition ILC Dover has completed since partnering with New Mountain Capital in early 2020. In September, ILC Dover acquired Solo Containment Ltd., which makes flexible film isolators in Hazel Grove, England.