MedPlast, a global services provider to the medical device industry, has signed a definitive agreement to acquire Vention Medical's device manufacturing services business. The acquisition broadens MedPlast's portfolio of capabilities and bolsters its position as a leading services provider to the world's largest original equipment manufacturers.

MedPlast's acquisition will further expand the company's capabilities in assembly and packaging, enabling it to offer customers a comprehensive suite of services producing a wide range of medical products.  It also will extend MedPlast's global footprint to 22 manufacturing facilities located in key markets throughout North and Central America, Asia and Europe. Once complete, the acquisition will more than double MedPlast's size. The company will employ more than 3,500 engineers, technicians and assembly workers specializing in producing surgical, orthopedic, diagnostic and other medical devices.

"This acquisition will significantly strengthen MedPlast's leadership position in the medical device manufacturing industry," said MedPlast chief executive officer Harold Faig. "We will provide our customers a broad spectrum of integrated manufacturing capabilities and services from strategic locations around the world. This is something our customers have been asking for, and we are committed to continuing to expand our capabilities in areas that will bring value to our customers."

Bill Flaherty, president of Vention Medical's device manufacturing services business, added, "We are excited to come together with MedPlast. We serve many of the same customers who will benefit from our combined offering and shared commitment to providing the highest quality standards and facilities in the industry."

MedPlast's acquisition comes two months after the company partnered with two investment firms to expand its offering. JLL Partners, a middle-market private equity firm, and Water Street Healthcare Partners, a strategic investor focused exclusively on the health care industry, invested in MedPlast in December 2016.

"This is the first of what we expect will be more strategic acquisitions to build MedPlast into a market leader. Water Street and JLL are working closely with management to identify and pursue opportunities that will achieve MedPlast's goal of offering customers a comprehensive, integrated portfolio of end-to-end product solutions," said Kevin Swan, partner, Water Street.

The transaction is expected to close in the second quarter of 2017. Financial terms of the agreement are not being disclosed.