ONCAP Announces Investment into Biomerics and Merger with Precision Concepts Medical

All amounts in U.S. dollars unless otherwise stated

TORONTO, May 17, 2023 (GLOBE NEWSWIRE) -- ONCAP today announced it has agreed to make a significant investment in Biomerics (“Biomerics” or the “Company”). Biomerics is also merging with the medical business of ONCAP IV’s portfolio company, Precision Concepts (“Precision Concepts Medical”), including Precision Concepts Group of Winston-Salem, NC, which was acquired from the Marino family in April 2023. This investment has been made in partnership with the Company’s founder and CEO Travis Sessions, current Biomerics shareholder Wasatch Equity Partners, and the Marino family.

Based in Salt Lake City, UT, and founded in 1994, Biomerics is a leading vertically integrated medical device contract manufacturer focused on micro-plastics, micro-metals, image-guided intervention, and final device assembly for high growth interventional sectors. Biomerics operates eight locations in the United States, Ireland, and Costa Rica and is an industry leader in materials, interventional medical plastics, complex extrusion, micromachining of metals and polymers, laser processing, balloons & balloon catheters, advanced catheters & steerables, image guided intervention, and finished device assembly.

Following this transaction, Biomerics will have over 1.2 million square feet of manufacturing space across 13 locations, making it one of the top 10 Interventional Contract Development and Manufacturing Organizations globally. The Company currently supplies 20 of the top 35 medical device OEMs and is strategically focused on high-growth end markets, including structural heart, electrophysiology, robotic surgery, cardiovascular disease, and endoscopy. The merger furthers Biomerics’ fully integrated capability set and positions the Company to best serve its OEM customers.

“This transaction marks an exciting new era for Biomerics’ continued growth with the support of ONCAP and Wasatch,” said Travis Sessions, President & CEO of Biomerics. “ONCAP’s impressive track record backing founder-owned businesses and detailed knowledge of medical device sub-sectors gave Biomerics and Wasatch the strongest confidence they are the ideal partner for the next stage of our evolution. Precision Concepts Medical is a strong business with unique capability that fits well with Biomerics and extends our offerings as a leading supplier to the world’s largest medical device OEMs. We are excited to partner with the talented team at ONCAP and Precision Concepts Medical to deliver our shared vision.”