River Cities Capital Funds has announced the sale of MedPlast, Inc., a River Cities Fund IV portfolio company, to Water Street Healthcare Partners and JLL Partners. The financial terms of the deal were not disclosed.
Based in Tempe, Ariz., MedPlast is a leading global services provider to the medical device industry. During the course of River Cities’ investment, the company grew revenue over 200% through both organic growth and acquisitions, employing more than 1,800 engineers, technicians and assembly workers. The company acquired United Plastics Group in 2012 and U.K.-based Orthoplastics in 2013. These acquisitions broadened MedPlast’s size and global reach to 11 manufacturing facilities across the U.S., U.K., China and Mexico.
“River Cities has been an invaluable partner to the management team and the total MedPlast investor syndicate. They have been a rock and a stabilizing force through some very rough and uncertain times,” says Harold Faig, MedPlast CEO. “Their years of seasoned experience in business and finance have allowed the management team to focus on what’s important in the short term without sacrificing the investment thesis.”
“We’d like to acknowledge the MedPlast team and our co-investors, Baird Capital, for their continued hard work and dedication to grow the company throughout the years,” says Rob Heimann, managing director at River Cities. “Harold Faig brought unparalleled industry expertise to bear and his unwavering commitment to building the business propelled MedPlast to become the global platform it is today.”