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Biomerics merging with Precision Concepts medical units

Medical-device contract manufacturer Biomerics LLC is merging with two Precision Concepts medical units.

Under the deal, expected to be completed by June, Biomerics will merge with the medical businesses of Precision Concepts International LLC (PCI) of Mooresville, N.C., and Precision Concepts Group LLC (PCG) of of Winston-Salem, N.C.

Biomerics, which mainly makes interventional medical devices, just added 24,000 square feet to its Athens, Texas, plant in April to keep up with demand in the single-use endoscopy market.

In July, Biomerics LLC bought thermoformer Dependable Plastics & Pattern Inc. of Fairfield, Calif. That addition expanded Biomerics' presence in the interventional robotic surgical market, Biomerics' founder and CEO Travis Sessions said at the time.

Biomerics, founded in 1994, also makes medical balloons and balloon catheters.

Based in Salt Lake City, Biomerics has eight locations in the United States, Costa Rica and Ireland. After the deal closes, Biomerics will have 13 sites and 1.2 million square feet of manufacturing space.

The company said in a news release it supplies 20 of the top 35 medical device OEMs, concentrating on high-growth end markets. Those markets include structural heart, electrophysiology, cardiovascular disease, robotic surgery and endoscopy.

Biomerics also focuses on injection micro-molding, micro-plastics, image-guided intervention, final device assembly and micro-metals.

Biomerics announced the merger May 17.

Also, private equity platform Oncap Management Partners LP, which holds an interest in Precision Concepts, announced on the same day that it is investing Biomerics.

Oncap bought IntraPac International LLC in 2017, which in turn bought Precision Concepts International of Costa Rica, in 2021. Ray Grupinski, who headed IntraPac and became CEO of Oncap's Precision Concepts, will join Biomerics' board of directors.

The deal is being made in partnership with Biomerics' founder and CEO Travis Sessions, current Biomerics shareholder Wasatch Equity Partners and the Marino family. Vince Marino is the founder and president of PCG.

Oncap bought the PCG medical segment from the Marino family just last month. Once the merger deal closes, both medical units will be completely under Biomerics' structure, Daniel Craven, Biomerics' marketing and communications director, said in a May 18 email.

Precision Concepts Medical will continue with the same leadership, Biomerics said. Grupinski will continue to lead the Precision Concepts packaging operations.

Toronto-based Oncap is part of investment and assets manager Onex Corp., also of Toronto. Oncap invests in middle-market businesses based in North America.

Publication date: 19/05/2023

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This project has received funding from the Bio Based Industries Joint Undertaking under the European Union’s Horizon 2020 research and innovation programme under grant agreement No 837761.