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Vention Medical acquires ATEK Medical Group

Vention Medical : 03 November, 2011  (Company News)
Vention Medical signs a definitive agreement to acquire the ATEK Medical Group, which consists of ATEK Medical and ATEK Plastics.

Vention expects to close the transaction within the next month.

The ATEK Medical Group is a leader in medical device assembly, packaging and injection moulding.

Vention Medical and ATEK Medical Group share a common focus on providing innovative solutions to benefit customers. The combined company will have an unprecedented suite of capabilities and services that includes: product design and development; innovative component technologies including balloons, shrink tubing, extrusions, and injection molding; assembly and packaging; strong LEAN business processes, and increased scale to invest and grow with our customers.

Our combined Costa Rica campus will include over 175,000 sqft of manufacturing space and a range of advanced manufacturing technologies to support lower cost manufacturing of complex medical devices in an FDA audited campus. In addition, ATEK recently opened a second facility of 85,000 sq.ft. in Grand Rapids MI to support growing customer needs within the United States. The ATEK Medical Group has facilities located in Grand Rapids, MI, Kerrville, Texas and Heredia, Costa Rica. Since its inception over three decades ago, ATEK Medical's Grand Rapids location has launched more than 400 medical devices. In addition, the company manufactures 6+ million finished goods units and 150 million medical plastics components annually.

Dan Croteau, Chief Executive Officer of Vention Medical said: "Our partnership with the ATEK Medical Group management team will allow Vention to provide an enhanced customer experience. Like Vention, ATEK Medical Group aspires to continually satisfy customers through intense focus on services that improve

quality, innovation, and cost. With the tremendous pressures our medical device customers are facing, it is an exciting time to offer our comprehensive set of solutions to the market. We are also pleased that ATEK's major shareholder, Christy Orris, along with Kay Phillips, President of ATEK Companies will become shareholders of Vention Medical and that Phillips will also be joining the Vention Medical Board of Directors."

Chris Oleksy, President of ATEK Medical, and Tom Houdeshell of ATEK Plastics, added: "As a growing company, Vention is a very appealing partner for us in terms of their experience and their complementary capabilities in design, components, and assembly. We are excited to work together to continue to build upon our company's successes and create the industry leading solutions partner for our customers."

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