December 18, 2014
The Capital Corporation is pleased to announce the sale of Steeger USA (headquartered in Spartanburg, South Carolina) to Machine Solutions (headquartered in Phoenix, Arizona). Steeger USA is the leading manufacturer of braiding equipment for the medical device industry. Steeger USA will become a Machine Solutions company, significantly expanding the newly combined company's range of products and services across its three brands: MSI, Vante and Steeger USA.
In addition to its focus on the medical device industry, Steeger USA also designs, develops and manufactures braiding equipment for the electronics, aerospace and composites markets. The Steeger USA product line complements Machine Solutions' high-end technology portfolio serving the medical device industry. With 11,000+ machine installations worldwide and a global team of over 150 associates, Machine Solutions' partnership with Steeger USA better equips the combined company to service its diverse customer base.
This transaction marks the second add-on acquisition to the Machine Solutions platform in the past 16 months. Machine Solutions, which was acquired by St. Louis, MO-based private investment firm, Forsyth Capital Investors in 2011, acquired Vante in August of 2013. The acquisitions of Vante and now Steeger USA, complemented by numerous organic growth initiatives at Machine Solutions, highlight Forsyth Capital Investors' commitment to building the business with a truly long-term approach.
"Adding Steeger USA further broadens the products and services we provide our medical device customers and allows Machine Solutions to enter other high-precision industries through Steeger USA's diverse braiding applications and customer base. We are honored to have Steeger USA join the Machine Solutions family as we build the market leading supplier of medical device equipment," stated Ryan Gable, Chairman and CEO of Machine Solutions Inc.
"Steeger USA is both proud and excited to join the Machine Solutions family. We are thrilled to have the opportunity to team up with the MSI & Vante leaders to continue providing our combined customer base with the highest level of service and automation equipment for the medical device market," stated Steeger USA's president, Sean Hargett. "We look forward to the continued growth, leadership, and long-term focus that Machine Solutions' partnership with Forsyth Capital provides."
The Capital Corporation, a leading investment bank headquartered out of Greenville, South Carolina and with offices in Spartanburg, South Carolina and Boca Raton, Florida, served as the exclusive advisor to Steeger USA on the transaction.
About Steeger USA: Steeger USA (www.steegerusa.com) provides fine-wire braiding, coiling, and custom designed equipment to the medical, micro-electronics, wire & cable, technical textile, and composite materials industries. As a specialist with fine wire and fibers, the company's industry leading equipment provides solutions to meet our customers' diverse product applications. Steeger USA also provides customers with access to machines for R&D work.
About Machine Solutions: Machine Solutions Inc. (www.machinesolutions.com) was founded with the mission of providing innovative and effective proprietary mechanical solutions to a variety of complex process, testing and device design challenges. Machine Solutions has been instrumental in automating manual processes within catheter and stent manufacturing operations as well as the broader medical device industry.
About Forsyth Capital Investors, LLC: Forsyth Capital Investors (www.forsythcapital.com) is a St. Louis-based investment firm focused on making long-term investments in middle-market companies operating in the capital equipment and component manufacturing and insurance services sectors. Forsyth Capital's investment approach offers a balanced blend of private equity fundamentals and significant operational expertise made possible by its strategic relationship with Barry-Wehmiller Group, Inc., a diversified capital equipment manufacturer. Because of its unique relationship with an active operating company, Forsyth Capital Investors offers many of the value-added resources of a strategic partner, while maintaining the entrepreneurial spirit and autonomy of the portfolio company's leadership team.
About The Capital Corporation: Since 1991, The Capital Corporation (www.thecapitalcorp.com) has been providing merger and acquisition services to lower middle market companies. The Capital Corporation's team of professionals has closed hundreds of transactions and leverages their backgrounds from Wall Street and Fortune 500 companies for the benefit of its clients. The Capital Corporation is one of only six investment banks in the United States that has achieved the exclusive IMAP membership, allowing for unparalleled access to a global buyer network across three dozen countries.
Contact: Devin Green, 864.672.8400, firstname.lastname@example.org.
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