Transaction Represents Vance Street’s First Investment out of its Third Fund and Fifth Platform investment in the Medical Device Component Manufacturing Space
Los Angeles – November 9, 2020 – Vance Street Capital LLC (“Vance Street”), a Los Angeles-based private equity firm, today announced the acquisition of Wytech Industries Inc. (“Wytech”), a leading manufacturer of specialty core wires and related components for the interventional medical markets. This transaction represents the first platform investment out of Vance Street Capital III L.P., and the firm’s fifth investment in the medical device space in the past four years. Terms of the transaction were not disclosed.
Founded in 1975 and headquartered in Rahway, New Jersey, Wytech is a family-owned business that designs and manufactures some of the world’s most complex specialty core wires and precision wire components for a wide range of advanced guidewires and delivery systems. Wytech’s customers include the leading medical device OEMs and contract manufacturers focused on high-growth therapies in the neurovascular, peripheral vascular, and structural heart-end markets. In addition, Wytech’s Microtube Fabricators (“MTF”) business unit is a leading manufacturer in precision tube-based medical components and assemblies for the interventional and orthopedic-end markets.
Wytech was co-founded by Anthony J. (Tony) Casalino, who was subsequently joined by his sons, Michael and Anthony. Together, they built Wytech into a leading precision medical component manufacturer. As part of the transaction, the Casalino family is retaining an ownership position alongside of Vance Street.
“Vance Street’s long track record of successfully partnering with family owned businesses in the medical component manufacturing space made them the ideal partner for Wytech during its next chapter of growth,” said Mike Casalino, who will serve as Chief Executive Officer of Wytech.
“Finding a partner that could come in and provide not only growth-based resources, but also one that valued the culture and employee base our family has built over the past several decades was an important decision factor in finding our next partner,” said Anthony Casalino, co-founder of Wytech. “Vance Street truly understood and respected those aspects of our business.”
Vance Street has partnered with several other highly complementary businesses to Wytech, including Motion Dynamics and Applied Plastics. Motion Dynamics is a leading manufacturer of wire-based micro-components and sub-assemblies found in micro-catheters and advanced guidewires, while Applied Plastics designs and manufactures PTFE coated wire-based products and components for a wide range of high-growth microcatheter segments such as electrophysiology (EP), neurovascular, peripheral vascular, TAVR and neuromodulation, among others.
“We have known about and admired Wytech for many years and are honored to be partnering with the Casalino family during the company’s exciting next phase,” said Mike Janish, Managing Partner at Vance Street. “This transaction is a perfect example of our strategy to partner with family owned businesses that are industry leaders in the interventional medtech component market.”
“Wytech is a great opportunity for Vance Street to leverage its value-creation playbook and network within medical manufacturing to continue to build on the platform the Casalino family has established over the past 45 years,” said Steve Sandbo, Principal at Vance Street. “With Wytech, as well as Motion Dynamics and Applied Plastics, we will be able to further serve each company’s valued customers with additional products and manufacturing capabilities.”
Paul Hastings LLP acted as legal advisor to Vance Street. Debt financing was provided by BMO Sponsor Finance and Madison Capital Funding LLC. Wombat Capital Markets LLC and Brown Moskowitz & Kallen, P.C. served as financial advisor and legal advisor, respectively, to Wytech and the Casalino family.
About Vance Street Capital LLC
Vance Street Capital is a middle-market private equity firm focused on investing in highly engineered solutions businesses across the medical, aerospace, defense, and industrial sectors. For over two decades, Vance Street’s partners have worked with management teams and family owners to accelerate revenue growth, improve operations and acquire strategic assets for the companies in their investment portfolio. For more information please visit: www.vancestreetcapital.com.