DAYTON, Ohio, May 28 /PRNewswire/ -- GEMCITY Engineering and Manufacturing (GEM), a Dayton based contract manufacturer, announced today it acquired Vistek Medical, a contract manufacturer of medical implant and specialized components located in Ivyland, Pennsylvania.
“We are delighted to add the specialized medical precision machining capabilities of Vistek to GEM’s Manufacturing expertise,” said Jim Whalen, CEO of GEM. " Vistek’s reputation for quality and its customer service orientation are a strong fit with GEM’s culture.”
Vince Visco, founder of Vistek, will join the GEM executive team and continue to manage the Vistek operations. “Together with the team from GEM, I believe we are an outstanding supplier for customers who demand quality, service and on-time delivery,” noted Visco. “Leveraging GEM’s expertise and resources will help Vistek achieve its next level of success.”
This acquisition is part of an overall growth and acquisition strategy for GEM that began with its partnership with Riverside Partners, a middle market private equity firm based in Boston, Massachusetts. Riverside is the majority owner of GEM and provided the financing to complete this acquisition.
Steven F. Kaplan, General Partner of Riverside Partners, stated, “We have been actively searching for an acquisition that provided a strategic fit for GEM. After evaluating a number of potential acquisitions we found the perfect fit. Both companies serve blue chip customers whose primary focus is innovative high quality solutions for their end customers.”
The combined companies can now offer their customers a broader array of technical capabilities from plants in Ohio, Pennsylvania and Thailand.
About GEM
GEMCITY Engineering and Manufacturing is a leading, global specialized equipment provider and product manufacturer. GEM delivers innovative solutions to complex engineering and manufacturing challenges for the defense, technology and medical industries. GEM customers benefit from the application of lean strategies and cutting-edge technologies to reduce costs and time to market. GEM, founded in Dayton, Ohio in 1936, serves customers in eighteen countries from its manufacturing facilities in Ohio and Thailand.
About Riverside Partners
Founded in 1989, Riverside Partners is a middle market private equity firm currently investing Riverside Fund IV, L.P. The fund focuses on growth oriented companies primarily in the healthcare and technology industries. Riverside Partners is particularly experienced at partnering with founders, owners and management teams and it brings substantial domain expertise and operating experience to its portfolio companies. The partners at Riverside Partners have managed more than $500 million in investments in over 50 companies. The firm is currently focused on companies with revenues between $20-200 million with $5-25 million of EBITDA.
SOURCE GEMCITY Engineering and Manufacturing
