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Freudenberg Acquires MedVenture Technology Corporation for Undisclosed Amount


10/18/2012 8:50:52 AM

WEINHEIM, Germany, Oct. 18, 2012 -- WEINHEIM, Germany, Oct. 18, 2012 /PRNewswire/ -- The Freudenberg Group is acquiring MedVenture Technology Corporation, an American company headquartered in Jeffersonville, Indiana, as part of its expansion strategy. The corporation is one of the leading designers and manufacturers of medical technology solutions for minimally invasive surgical devices. MedVenture Technology currently employs 260 associates.

"Freudenberg is systematically expanding its expertise in medical technology with the additional knowledge that MedVenture possesses in solutions for minimally invasive medical devices," said Dr. Mohsen Sohi, Speaker of the Freudenberg Group Management Board. "This is a logical step towards strengthening Freudenberg's growth in medical technology." Helix Medical is targeting sales in excess of US $140 million in 2013 through the acquisition of MedVenture and other expansion steps.

MedVenture Technology is a leading designer, developer, and manufacturer of complete non-electronic minimally invasive surgical devices and catheter-based devices. Their integrated solutions are used in cardiovascular surgery, cardiology, neurology, urology, oncology, and gynecology. MedVenture is a trusted partner to well-known manufacturers of medical technology products (OEMs) as well as fast-growing start-ups. One of MedVenture Technology's most successful products is the hemostasis clip device which is used to stop bleeding in the gastrointestinal tract. Other products include microcatheters for applications such as surgical procedures on peripheral blood vessels and special catheters used for taking tissue samples from the gastrointestinal tract.

"MedVenture expands our expertise in product design, development, and engineering and gives us the opportunity to guarantee comprehensive lifecycle management for medical device manufacturers," said Dr. Jorg Schneewind, President and CEO of Helix Medical. "That makes us an even more efficient strategic partner for our customers."

Production, cleanroom assembly, and the majority of product development are carried out in a state-of-the-art facility in Jeffersonville, Indiana. MedVenture Technology also has a development office in Minnetonka, Minnesota, giving Helix Medical a presence in the key medical technology clusters in the U.S.

"For MedVenture, becoming an important part of Helix Medical's long-term growth plan is a very important step. We will leverage the additional opportunities brought about by the link with Helix Medical to evolve our leading solutions in the design, development, and manufacture of minimally invasive devices," said Kevin Bramer, CEO of MedVenture Technology. Bramer will continue to lead the division once it has become a part of Helix Medical.

"The highly-skilled engineering team from MedVenture and the specialists from Helix Medical will offer customers complex medical technology solutions, effective development processes, and an excellent quality assurance system," added Dr. Jorg Schneewind.

Helix Medical first entered the field of minimally invasive surgery back in 2010, when the company acquired a 50 percent stake in the Irish manufacturer VistaMed. VistaMed specializes in high-quality specialty catheters and complex extruded tubing systems for the medical device industry. This expansion strategy continued with a strategic investment in Cambus Medical in August 2012. Cambus manufactures high precision hypotubes and micro-component solutions for advanced catheter systems. As a result, Helix Medical has further extended its resources in the development and production of components used in minimally invasive medical devices.

The company has also expanded its geographical reach. In September 2012, the Freudenberg Business Group Helix Medical opened its first manufacturing facility in Costa Rica, where it produces silicone tubing and silicone and thermoplastic molded components for medical devices. Development and processing services such as assembly and custom packaging are also offered in Costa Rica.

About Helix Medical

Helix Medical, a division of the Freudenberg Group, is a global custom manufacturer for the medical device and healthcare industries with 10 manufacturing operations worldwide. Medical manufacturing capabilities include design and development, silicone and thermoplastic molding and extrusion, complex catheter systems, assembly, packaging, and engineering services. Helix Medical operates FDA-registered medical device facilities, certified ISO 13485 with Class 7 & 8 cleanrooms. Established in 1984, Helix Medical currently manufactures in California, Massachusetts, Costa Rica, Germany, Ireland, and China. For further information, please visit www.helixmedical.com

About MedVenture Technology

MedVenture Technology Corporation is a leading medical device design, development, and manufacturing company. Established in 1998, the company is headquartered in Jeffersonville, Indiana and employs over 260 associates at its two locations in Indiana and Minnesota. MedVenture specializes in the development and manufacture of minimally invasive surgical devices and is certified ISO 13485. For further information, please visit www.medventure.com

About the Freudenberg Group

The Freudenberg Group is a family-owned corporation offering its customers technically challenging product solutions and services. The Group develops and manufactures seals, vibration control components, filters, nonwovens, surface treatment products, release agents, specialty lubricants, and medical and mechatronic products. Freudenberg also develops software solutions and IT services for mid-size companies. Consumers can purchase Freudenberg household products under the brand names vileda®, O-Cedar®, Wettex®, Gala® and SWASH®. The Freudenberg Group employed over 37,000 associates in 58 countries and generated sales of more than €6 billion in 2011. For further information, please visit www.freudenberg.com

About Freudenberg in North America

Freudenberg North America Limited Partnership, the North American holding company for Freudenberg & Co. of Weinheim, Germany, owns a family of companies which operate 15 unique businesses at 58 locations in North America. Together, these companies provide innovative products and solutions to customers in industries ranging from automotive, aerospace and medical to chemical, oil and gas and construction. For further information, please visit www.freudenberg.us


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