Spectra Medical Devices, LLC, a portfolio company of QHP Capital, is pleased to announce the closing of its acquisition of XL Precision Technologies Ltd. XL-PT is now a wholly-owned subsidiary of Spectra.
XL-PT is a Contract Development and Manufacturing Organization (“CDMO”) specializing in the manufacture of precision micro-components, complex tubular components, and sub-assemblies for the medical device industry. XL-PT has a track record of developing and manufacturing complex componentry for their customers with speed and precision.
The acquisition brings together companies with complementary strengths, enhancing Spectra’s ability to serve industry-leading medical device original equipment manufacturers (“OEMs”). The combined development and manufacturing capabilities are expected to generate significant growth over the coming years and further solidify Spectra’s position as a CDMO partner of choice.
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“We are thrilled to announce Spectra’s acquisition of XL-PT. This acquisition expands and enhances our development and manufacturing capabilities allowing us to do more for our customers and the medical device community,” said Chad Nikel, CEO of Spectra. “By combining the commercial reach, procedural needle manufacturing expertise, and scale of Spectra with XL-PT’s robust development services and precision manufacturing capabilities, we are equipped to deliver even greater value to customers and meet a broader set of customer needs.”
“The combination of XL-PT and Spectra brings together highly complementary capabilities: Spectra’s reputation for quality and blue-chip customer base and XL-PT’s exceptional engineering platform and advanced manufacturing techniques. We are excited to join forces with Spectra. This creates a CDMO ideally positioned to serve medical device emerging innovators and OEMs,” added Tom Graham, Managing Director of XL-PT.
Rubicon Partners Industries, who acquired XL-PT in 2008, were the sellers. White & Case served as legal advisor to Spectra. Piper Sandler served as financial advisor and Proskauer Rose served as legal advisor to Rubicon Partners Industries.
Spectra Medical Devices is one of the world’s leading manufacturers of made-to-spec procedural needles. Spectra is a CDMO to industry-leading, multi-national healthcare companies, global OEMs, and emerging technology companies.
SOURCE: Businesswire