Autocam Medical Acquires Southeastern Technology
Dec 02, 2014
GRAND RAPIDS, Mich., Dec. 2, 2014 /PRNewswire/ -- Autocam Medical Devices, LLC (Autocam Medical) announced the completion of its acquisition through cash transaction of Murfreesboro, Tenn.-based Southeastern Technology, Inc. (SET), effective November 30, 2014. Like Autocam Medical, SET is a leading contract manufacturer of precision-machined components, assemblies and engineered solutions primarily focused on serving original equipment manufacturers (OEMs) in the medical device industry. SET serves the orthopedic and spine markets with precision implants and complex instruments. They also machine precision components for other medical applications such as oncology and dental. Autocam Medical was advised on the transaction by P&M Corporate Finance, LLC
With the completion of the transaction, Autocam Medical is situated to become one of the most competitive global medical device contract manufacturing suppliers capable of manufacturing a wide range of precision components and complex assemblies in the marketplace. Projected 2015 sales of the companies will total approximately $100 million. SET will operate under Autocam Medical as the Southeastern Technology division; all employees will be retained.
"With the addition of Southeastern Technology, Autocam Medical gains a new strategic regional presence and key customer relationships," said John Kennedy, founder and CEO of Autocam Medical. "We also gain exceptional talent and technology."
"SET has a highly competent and engaged team with an excellent reputation for technical and engineering expertise, quality, value, and customer service. We don't anticipate any changes in SET operations beyond enhancing some IT infrastructure and certain business systems. We're excited to bring SET aboard and we have high expectations for our future," added Kennedy.
Lonnie Butner, VP of Operations at Southeastern Technology commented, "The combination of Autocam Medical and SET's manufacturing technologies will provide our customers with a single-source solution to manage entire implant and instrument platforms."
"As with all important business decisions," Butner added, "we will work closely with our clients, partners, and employees to make the integration process as smooth as possible. Our customers will continue to receive the same high quality service they have come to expect."
Please see additional information regarding the transaction on the Company's website at www.autocam-medical.com.
Autocam Medical, headquartered in Grand Rapids, Michigan, is a leading contract manufacturer of precision-machined components and assemblies for medical device applications specializing in orthopedic and spine implants and instruments, surgical handpieces, and other components for Ophthalmology and Diagnostics markets. Autocam Medical operates in four facilities across North and South America, including Massachusetts, California, and Brazil. For more information, visit www.autocam-medical.com.