FRUITPORT — Medical device supplier Motion Dynamics Corp. has received a major capital investment from a Los Angeles-based private equity firm to support growth.
Vance Street Capital took a majority position in Motion Dynamics, a manufacturer of small metal components and sub-assemblies used in disposable medical devices. The private equity firm specializes in medical, aerospace and defense investments. The firm provides not only needed capital but expertise and networks within the medical device industry that Motion Dynamics can tap to enter new markets and secure additional customers.
“It was really done to help us expand in the medical device arena and help us expand in some markets that we’re currently not in that they have experience with,” said Chris Witham, the second-generation CEO of Motion Dynamics. “We want to go farther upstream, and that requires manufacturing capabilities that we currently don’t have in-house, and don’t have the network of customers.”
Witham — whose father, Dick, started Motion Dynamics in 1992 — retains a minority but “significant portion” of the company and continues as CEO. The company’s management team also remains intact and the business will “absolutely” remain in Fruitport, he said.
Operating from a 40,000-square-foot facility on Airline Road that it built less than two years ago, Motion Dynamics designs its products mostly for neurological and cardiology applications such as pacemakers and catheters. Some wires it produces are as small as one-sixth the size of a strand of human hair.
“The Motion Dynamics opportunity is a perfect situation for Vance Street to support a world-class management team that has positioned the company in attractive, high-growth end markets with a strong focus on providing customers the highest level of design and complex manufacturing services,” John LeRosen, a principal at Vance Street Capital, said in a statement. “Chris and his senior management team have built a unique company and we are excited to help them take the business to the next level.”
Charter Capital Partners LLC in Grand Rapids and Miller, Johnson, Snell & Cummiskey PLC served as financial and legal advisers to Motion Dynamics.