Yukon Supports MVC Fund’s AccuMED Investment
Yukon Partners announced a subordinated debt and equity investment in AccuMED Innovative Technologies. The specific terms of the transaction were not disclosed. Subordinated debt financing was also provided by Yukon. BMO Harris Bank served as administrative agent on the senior credit facility with Fifth Third Bancorp also participating in the transaction and serving as the documentation agent.
MVC Private Equity Fund L.P. sponsored the transaction whereby Yukon acquired a minority equity interest and MVCPE acquired a majority equity interest in AccuMED. Management will own a meaningful interest in AccuMED and will continue to operate the business on a day-to-day basis.
The company, which has nearly 1,000 employees, is headquartered in Buffalo, New York, with additional manufacturing operations in the Dominican Republic and Taiwan. The Company’s manufacturing capabilities include flame lamination, CNC die cutting, thermoforming, ultrasonic welding, programmable sewing, inspection, packaging, testing, warehousing and logistics.
MVCPE will complement the AccuMED management team’s vision with strategic guidance and financial expertise to accelerate growth while continuing to leverage the Company’s entrenched partnerships with its blue-chip customer base.
“Today’s announcement marks a milestone in our history,” said Mark Sater, CEO of AccuMED. “By working with two established financial firms, AccuMED has secured the capital and expertise necessary to execute our growth strategy. Yukon and MVCPE have a track record of successfully partnering with management teams to build value. We look forward to strengthening our relationship with both firms while working together to achieve our collective goals.”
“AccuMED holds a leading position in a niche industry with strong underlying fundamentals and opportunities for growth,” said Peter Seidenberg, Managing Director at MVCPE. “As healthcare costs continue to outpace inflation, the need for device manufacturers to deliver high quality, competitively-priced products has never been greater. We look forward to providing operational and strategic support to help AccuMED further cement its industry-leading position and take advantage of market opportunities.”
Bill Dietz, managing partner of Yukon, added, “We are excited to partner with management and MVCPE to support the acquisition of AccuMED. The Company has established itself as a critical manufacturer of quality products for the healthcare industry. Yukon is fortunate to provide capital to AccuMED and to serve as a partner who values their strategic growth initiatives. We also look forward to benefiting from MVCPE’s investment stewardship.”
AccuMED is a global, textile-based contract manufacturer.