MedPlast, Inc., a global services provider to the medical device industry, announced today that it has acquired Coastal Life Technologies, Inc. (Coastal Life). It is MedPlast's second acquisition in three months to expand the company's suite of services and network of global manufacturing facilities to the world's largest original equipment manufacturers.
MedPlast's acquisition of Coastal Life augments the company's finished device assembly capabilities. It also extends MedPlast's manufacturing sites to 23 facilities with the addition of Coastal Life's new, state-of-the-art 135,000 square-foot facility located in San Antonio, Texas. Founded in 1989, Coastal Life Technologies specializes in designing, engineering, assembling, manufacturing and packaging single-use surgical devices for medical device manufacturers.
"Coastal Life adds another valuable capability to our suite of services that will benefit our customers. It has strong operational device assembly competencies that will enrich our overall quality and productivity, and bring us another step closer to becoming the first end-to-end contract manufacturing services provider in the medical device industry," said Bill Flaherty, president, Medical Device Solutions, MedPlast.
David Huff, president, Coastal Life, added, "This is a great opportunity to bring together two highly complementary businesses. Both of our companies have high-quality standards and practices that, when combined, will make us a stronger organization. I am excited about the greater impact we can make by becoming part of MedPlast."
MedPlast's acquisition of Coastal Life comes three months after the company acquired Vention Medical's Device Manufacturing Services business and six months after it partnered with two investment firms to expand its offering. Water Street Healthcare Partners, a strategic investor focused exclusively on the health care industry, and JLL Partners, a middle-market private equity firm, invested in MedPlast in December 2016.
Mr. Huff will continue to lead Coastal Life's operations and report to Mr. Flaherty. Financial terms of the agreement are not being disclosed.
