UFP Technologies has acquired Advant Medical Ltd.
UFP Technologies Inc., a medical device manufacturer based in the United States, has acquired Advant Medical Ltd., a medical component and product maker based in Galway, Ireland, for an undisclosed sum. It is the company’s third major acquisition in the last six months.
UFP Technologies is a Nasdaq-listed designer and manufacturer of components, subassemblies and packaging into the medical, aerospace, automotive, electronics and other sectors. UFP generated c. $206m of turnover and $30m of EBITDA in FY Dec 21.
Advant, which was founded in 1993, also has operations in Costa Rica and partner manufacturing in Mexico. The company creates and manufactures medical devices and packaging in Class I, II, and III. Latest CRO filings show that Advant Medical Limited generated c. €15m of turnover and c. €1.95m of EBITDA in FY Dec 2020. Prior to the transaction, Advant was wholly owned by Robert Di Petrillo.
UPF’s other big purchases from the past six months were DAS Medical and Contech Medical. UFP has used these acquisitions to broaden its medical exposure and acquire capabilities that will allow it to better serve medical customers. The Advant transaction is a perfect fit for this strategy. Advant will provide medical product development and clean room manufacturing capabilities to UFP in Ireland, a key strategic market.
Robert Di Petrillo said, “The combination of Advant and UFP is an excellent strategic partnership. The addition of UFP’s development engineers, product lines and resources expands our current portfolio and strengthens our ability to provide innovative solutions and services. With a shared commitment to growing within the Costa Rican, Irish and European MedTech sectors, the Advant Team looks forward to building on our combined strengths and continuing to offer our customers world-class medical device contract manufacturing.”