Molex, LLC, a global manufacturer of complete interconnect solutions, announced today that one of its subsidiaries has entered into a binding agreement to acquire Phillips-Medisize Corporation, a global leader in outsource design, development and manufacturing services for the medical industry that is a portfolio company of San Francisco, CA- based Golden Gate Capital, a private equity investment firm with approximately $15 billion of capital under management. The agreement is subject to customary closing conditions and is expected to close in the fall. Financial terms of the transaction were not disclosed.
Phillips-Medisize, which is headquartered in Hudson, WI, specializes in the medical device and diagnostics, drug delivery, and primary pharmaceutical packaging markets. It has a global design network that supports North America, Europe and China and employs more than 4,300 people in 17 production locations throughout the United States, Europe, Mexico and China. Phillips-Medisize Corporation will operate as an indirect subsidiary of Molex, LLC.
"Phillips-Medisize has a talented, experienced and innovative team that has strong customer relationships because of its outstanding ability to serve the unique needs of the medical solutions market," said Tim Ruff, senior vice president of business development and corporate strategy, Molex, LLC. "Combined with Molex's expertise in electronics and broad global manufacturing presence, we are confident that together we can significantly expand our medical solutions capabilities globally."
"Molex and Phillips-Medisize share a similar culture and approach to managing the business that creates strong partnerships built on quality and innovation," said Matt Jennings, chairman, president and CEO, Phillips-Medisize Corporation. "Molex's global scale in electronics, coupled with Phillips-Medisize's strength in designing and manufacturing innovative products for medical device customers, will help us become a global leader in connected health solutions."
Rajeev Amara, a Managing Director of Golden Gate Capital stated, "In just three years of our ownership, Phillips-Medisize has executed on a transformative vision to become a global leader in the manufacturing of biologics drug delivery devices. We would like to thank all the employees for their hard work and wish them well in the future."
Molex's exclusive financial advisor is Morgan Stanley & Co. LLC.