GRAND RAPIDS — Medbio LLC, a West Michigan-based manufacturer of injection moldings, assemblies and packaging for medical device and biotech industry, has acquired AIM Plastics Inc.
AIM is based in Clinton Township, 20 miles north of Detroit, and specializes in the niche of prototype-to-production molds and complex injection molding, according to a statement.
Last July, after record year-over-year sales, Grand Rapids-based Medbio sold a majority stake to Philadelphia, Pa.-based Graham Partners, a private equity investment firm that targets industrial technology and advanced manufacturing companies, as MiBiz previously reported.
The acquisition of AIM is a “truly transformative” step forward for Graham Partners, according to Managing Partner Joe Heinmiller.
“We are looking forward to combining these two industry-leading businesses into a larger, more diversified medical device outsourced manufacturer with additional capabilities,” Heinmiller said in a statement.
Terms of the deal were not disclosed.
“Graham is excited to increase our exposure in this attractive industry niche and leverage our resources in the industry to continue Medbio’s strong growth trajectory,” Steven Graham, CEO of Graham Partners, said in a statement.
Last month, Medbio opened a newly renovated 25,000-square-foot facility adjacent to its existing 65,000-square-foot building to provide an additional 12,000 square feet of space and house the company’s medical device and diagnostic assembly and packaging operations.
The new facility includes a 12,000-square-foot cleanroom, and houses Medbio’s medical device and diagnostic assembly and packaging lines.