New Mountain Capital has agreed to buy medical device contract design and manufacturing business Flexan through its portfolio business ILC Dover.
Flexan specialises in silicone, thermoplastic, and specialty rubber components and devices.
The deal is the second acquisition packaging business ILC Dover has completed since announcing a partnership with New Mountain Capital in early 2020.
New Mountain managing director Andre Moura said, “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.
“We look forward to working closely with the management teams at Flexan and ILC Dover to drive the next chapter of growth and innovation across life sciences markets.”
New Mountain Capital hauled in $9.6bn for the final close of its sixth flagship private equity fund in January. The vehicle is about 50% bigger than the $6.2bn predecessor vehicle New Mountain closed in 2017 and beat its own hard cap.
The firm also reached a $640m final close for its first non-control private equity fund, Strategic Equity Fund I in January.
Earlier this year the firm bought into Wind Point Partners’ specialist chemicals provider Ascensus Specialties after double-digit organic growth.
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