By PBN Staff
(Updated, 1:18 p.m.)
WARWICK – Biomedical Structures LLC, the developer of biomedical textiles for medical devices, has merged with Modified Polymer Components, a Sunnyvale, Calif.-based company specializing in the design, rapid prototyping and manufacture of polymer components for medical device original equipment manufacturers.
The companies said the merger, announced Tuesday, would increase value-added offerings to med-tech manufacturers through a bi-coastal presence.
“Jointly, the companies will better provide medical device customers with a full spectrum of value-added services across a wider range of applications,” said a release. Boston-based private equity firm Ampersand Capital Partners has been majority shareholder of both companies and will remain majority holder of the combined entity.
Biomedical Structures specializes in the advanced design and manufacturing of medical textiles with expertise in knitting, braiding, weaving and non-woven technology, while MPC focuses on the development and manufacture of reliable, precise polymer components for major medical device manufacturers.
“MPC’s unique bonding technologies are enabling exciting developments with custom plastic components for medical devices and other related industries, and we are pleased to be joining the companies to expand both our offerings and theirs,” Dean Tulumaris, CEO of BMS, said in prepared remarks. “By merging BMS and MPC, both companies will benefit from a bicoastal presence and extensive combined resources, without affecting our existing commitments or the established level of superior quality and seamless operational efficiency our valued customers and employees have come to expect.”
According to a release, the companies plan to use expertise from both teams of engineers to service medical device manufacturers. Tulumaris will lead the combined company, taking on the title of president and CEO for both BMS and MPC, which will retain their existing names and headquarters. MPC CEO Mike Taylor will transition to the role of chief technical officer, where he will focus on working with the company’s engineers to develop new technologies.
Both companies will continue to operate essentially as their own separate entities. “The one thing we’ve been doing is been utilizing each other’s talents for products and working on some joint products for the last 6 months or so,” said Tulumaris.
“Each company has a great name recognition in the marketplace, so I think we’re going to leave the names as they are for some time,” said Tulumaris, adding that maybe down the line they would think of forming an umbrella company under which both companies would function.
“We look forward to embracing our relationship with BMS and using our collective expertise to better serve medical device OEMs,” Taylor said in a statement. “With our joint capabilities, we will be a more robust organization that will bring greater value to customers with a wider variety of needs, both related to custom plastics components and medical textiles.”
According to a BMS spokesperson, the merger will not lead to any reorganization and neither company is expected to lose any workers.