Vance Street Continues Medical Device Focus, Acquires Molded Rubber and Plastic

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6 months ago

Vance Street Capital has acquired Molded Rubber and Plastic Corporation, a family-owned provider of medical device contract manufacturing services with a specialization in silicone and thermoplastic molding.

MRPC offers liquid silicone rubber (LSR) and high-consistency rubber (HCR) molding, multi-material thermoplastic molding, and cleanroom assembly and packaging. Customers of MRPC include developers of diagnostic equipment, surgical tools, and wearable medical devices.

MRPC was founded in 1921 by Max Riemer and is currently led by CEO Greg Riemer. MRPC is headquartered near Milwaukee in Butler, Wisconsin, with additional manufacturing operations near Boston in Hudson, New Hampshire, and near Tampa in Largo, Florida.

Source: Molded Rubber and Plastic Corporation

“We are excited about the next chapter of growth and our partnership with Vance Street. For over 100 years, MRPC has grown into a leading medical device supplier through our expertise in materials and our willingness to take on challenging projects. Finding an investment partner that shared our vision for growth, capability, and capacity expansion while at the same time preserving our employee values was very important to us,” said Mr. Riemer.

“MRPC has developed a reputation for excellence in silicone molding, and we are excited to partner with the Company to support the ongoing buildout of additional capabilities and capacity to serve the medical and life science end markets,” said Steve Sandbo, a partner at Vance Street. “This transaction is a great example of our strategy to partner with family-owned businesses in the MedTech design and manufacturing market. We look forward to partnering with Greg and the rest of the MRPC team during the Company’s exciting next chapter of growth.”

The acquisition of MRPC is the sixth platform investment from Vance Street’s fourth fund, Vance Street Capital IV LP, which closed in May 2024 with $775 million in capital.

“MRPC’s leadership team has built an organization with a strong culture of quality, technical expertise, and customer focus,” said Matt Shemirani, a principal at Vance Street. “With the addition of MRPC, we are able to complement the current Vance Street MedTech portfolio of companies with additional technology and manufacturing capabilities to serve their valued customers further.”

The medical device sector is well known to Vance Street, with past investments in New Jersey-based Prince Sterilization Services (November 2024); Minnesota-based Innovize (November 2022); Minnesota-based Mountain Manufacturing Technologies (October 2022); Arizona-based Plastic Design Company (December 2021); Massachusetts-based ViaMed (December 2020); New Jersey-based Wytech Industries (November 2020); Massachusetts-based Applied Plastics (January 2019); and Michigan-based Motion Dynamics (September 2016).

MRPC operates in the contract manufacturing space within the medical device industry, which continues to grow as OEMs look to outsource more of their specialized production. That shift is being driven by a mix of rising demand for single-use devices, aging populations, and increased regulatory pressure to ensure quality and compliance without taking on added internal complexity. Manufacturers like MRPC, with ISO 13485 certification and end-to-end capabilities, are positioned to benefit from this trend.

According to Precedence Research, the global medical device contract manufacturing market was valued at $89.3 billion in 2022 and is expected to hit $193.6 billion by 2032, growing at a CAGR of nearly 8%. Behind that growth is a broader need for cost-effective, scalable manufacturing, along with more investment in R&D and supply chain resilience.

Vance Street makes control investments in North American companies with enterprise values between $30 million and $350 million and EBITDA of $3 million to $30 million. Key sectors of focus include medical technology, life sciences, industrial technology, and aerospace & defense. The firm is headquartered in Los Angeles with an additional office in Dallas.

Debt financing to support the buy of MRPC was provided by Churchill Asset Management, Adams Street Partners, and Bank of Montreal. Piper Sandler & Co. was the financial advisor to MRPC.

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