Hudson-based Phillips-Medisize being acquired by Golden Gate Capital
Hudson-based Phillips-Medisize Corporation announced Wednesday that it has entered into a definitive agreement under which Golden Gate Capital will acquire the Company from funds managed by Kohlberg & Company, L.L.C.
Phillips-Medisize will maintain its global headquarters in Hudson, and President & CEO Matt Jennings and the current management team will remain in place. Terms of the transaction were not disclosed.
Phillips-Medisize is a leading global provider of design and manufacturing services to the pharmaceutical, medical device, diagnostic and specialty commercial markets. The Company has annual sales of approximately $600 million with 75 percent of total revenue generated from drug delivery, medical device, primary pharmaceutical packaging and diagnostic products such as disposable insulin pens, glucose meters, specialty inhalation drug delivery devices, single-use surgical devices and consumable diagnostic components.
Phillips-Medisize employs over 3,100 people in 19 locations throughout the United States, Europe, Mexico and China and has design centers in Wisconsin, California and the Netherlands.
“We are excited to partner with Golden Gate Capital, who is fully aligned with our long-term strategic plan and shares our deep-rooted commitment to providing customers with innovative, high-quality and cost-effective solutions with world-class service,” said Matt Jennings, President & CEO of Phillips-Medisize Corporation. “Golden Gate’s financial support, successful track record of backing manufacturing companies and deep industry relationships will help perpetuate the Company’s strong momentum and further solidify our market-leading position. We look forward to working with our new partners as we continue to successfully execute our strategy.”
“Phillips-Medisize represents a terrific opportunity to invest in a strong design and manufacturing service platform with global scale and a proven track record of delivering an exceptionally broad and deep set of capabilities to its customers,” said Rajeev Amara, Managing Director at Golden Gate Capital. “The Company is well-positioned to grow and succeed in the rapidly expanding medical outsourcing market and Golden Gate Capital is committed to investing in the Company to support the next phase of its growth. We look forward to partnering with Matt and the talented Phillips-Medisize team to support their vision for the business.”
The acquisition is subject to customary regulatory approvals and is expected to close in the coming months.