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Vance Street Capital Completes Sale of Fermatex Vascular Technologies to Spectrum Plastics GroupVance Street Capital, LLC ("Vance Street"), a Los Angeles-based private equity firm, today announced that it has completed the sale of portfolio company Fermatex Vascular Technologies ("Fermatex"), a manufacturer of high pressure braided tubing and complex medical extrusions, to Spectrum (News - Alert) Plastics Group, the market leading medical extruder and value-added components manufacturer. Terms of the transaction were not disclosed. Vance Street acquired Fermatex, which was originally known as Adam Spence Corporation, from W. L. Gore & Associates ("Gore"). This carve-out involved the acquisition of two manufacturing facilities and their related operations located in Wall Township, New Jersey. Post-acquisition, Vance Street leveraged its previous experience building strategic assets in the medical industry. Vance Street relied on Mike Janish, a Partner at Vance Street, and John LeRosen, a Principal at Vance Street, who were previously the CEO and CFO, respectively, of medical tubing and catheter manufacturer Avalon Laboratories, to lead the transaction. During its ownership, Vance Street established external sales and marketing functions and upgraded the operations, while also building out the foundation required to operate as an independent entity. "We acquired a premier asset known for producing best-in-class high pressure braided tubing. Prior to the acquisition, the business was primarily focused on servicing internal demand. Post-acquisition, Vance Street rebuilt the sales & marketing capabilities of the business, which quickly received positive feedback in the marketplace and drove increased sales and better customer engagement," said Mike Janish. In addition to focusing on generating new external sales, Vance Street worked to orient the operations around servicing external customers. This included establishing new quality and regulatory systems and implementing an independent ERP system. "While the business has incredible capabilities, it needed certain foundational improvements to ensure the business could properly service new customers," said John LeRosen. The firm decided to sell the business due to Fermatex's strategic alignment with the buyer. "Spectrum Plastics Group viewed Fermatex as a strategic asset due to the adjacent categories each business serves, the broad customer base and unique product offering," said Brian Martin, a Partner at Vance Street. Vance Street intends to stay active with the business post disposition and reinvested a portion of the proceeds in Spectrum Plastics Group as part of the transaction. Spectrum Plastics Group plans to revitalize the organization's original name and products and will transition the business under the name Adam Spence Vascular Technologies, a Spectrum Plastics Group company. About Fermatex Vascular Technologies. Fermatex designs and manufactures highly engineered medical extrusions, braid reinforced extrusions and catheter sub-assemblies for many of the world's leading medical device OEMs. Originally founded as Adam Spence Corporation in 1960, the company was acquired by W.L. Gore & Associates in 2004 and sold to Vance Street Capital in 2017. The company is a pioneer in the contract design and manufacture of medical devices and has been providing extrusions to the medical device industry for more than 55 years. For more information please visit: www.fermatex.com. About Spectrum Plastics Group. Based in Alpharetta, Georgia with multiple plants across the United States, Mexico, Costa Rica, Ireland, and Malaysia, Spectrum Plastics Group is a North American leader in the design and fabrication of custom and specialty plastics products focusing on niche, high value-added end markets, including medical, food, and industrial applications. Spectrum offers a full range of custom design, engineering and fabrication services, as well as meet the requirements of ISO 9001, ISO 13485, and operates multiple Class 7 & Class 8 clean rooms. For more information, visit www.spgindustries.com , www.spectrumplastics.com or contact 404-564-8560. About Vance Street Capital Vance Street Capital is a Los Angeles-based private equity firm that makes control investments in companies with enterprise values up to $250 million. Preferred industries include aerospace and defense, medical components and devices, precision industrial manufacturing and business services. For over two decades, Vance Street's partners have worked with management, family owners and other co-investors to accelerate revenue growth, improve operations and acquire strategic assets for the companies in their investment portfolio. For more information please visit: www.vancestreetcapital.com
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