Editor: What To Know
- Headquartered in Amherst, New York, with manufacturing facilities in Mexico, iiMED is a nearshore specialty manufacturer of Class I and Class II consumable medical devices.
- “The acquisition of iiMED enables us to continue to scale our platform and enhance our portfolio of solutions to serve our OEM customers.
- and its affiliates (“ACON”) announced today that it has completed the sale of its equity interests in iiMED Medical Solutions, L.
ACON Investments, L.L.C. and its affiliates (“ACON”) announced today that it has completed the sale of its equity interests in iiMED Medical Solutions, L.L.C. (“iiMED” or the “Company“) to TEAM Technologies, Inc. (“TEAM”). TEAM is backed by affiliates of Clearlake Capital Group, L.P. Terms of the transaction were not disclosed.
Headquartered in Amherst, New York, with manufacturing facilities in Mexico, iiMED is a nearshore specialty manufacturer of Class I and Class II consumable medical devices. The Company’s target end-markets include patient monitoring, wound care, and compression therapy devices with core capabilities of flame lamination, converting, sewing and clean room assembly.
During ACON’s three-year ownership, iiMED had strong performance and grew approximately 25% year-over-year. “This investment is a great example of ACON’s deep industry expertise and nimbleness, which allowed us to unlock value through a unique carve out strategy,” said Anjali Jolly, a Partner of ACON. “This exit validates our thesis of the strong tailwinds in the medical specialty manufacturing space that are increasingly driven by OEM interest in nearshore partners,” added John Roush, advisor to ACON and Chairman of iiMED’s Board.
Together with ACON’s sale of IIMAK’s industrial business on September 30, 2021, ACON has successfully exited its investment entirely.
“ACON’s experience and resources were instrumental in fueling iiMED’s accelerated organic growth over the past three years. Our partnership with ACON was highly collaborative and critical to our success. We are excited to partner with TEAM to further build upon our exciting growth trajectory,” said Bill Flaherty, CEO of iiMED.
TEAM is a growth-oriented North American engineering solutions and specialty manufacturer serving healthcare end-markets. “We are excited to welcome iiMED to the TEAM family as we continue expanding our specialty healthcare manufacturing capabilities,” said Marshall White, President and CEO of TEAM. “The acquisition of iiMED enables us to continue to scale our platform and enhance our portfolio of solutions to serve our OEM customers. We look forward to working with iiMED’s talented employees to grow our combined businesses.”
