One of North America's most storied plastics processors, contract injection molder Phillips Plastics, has acquired Medisize, a processor of medical devices and pharmaceutical packaging, for €99.8 million ($142.7 million) from Ratos. Medisize's sales totaled €127.8 million in 2010 with an operating profit (EBITA) of €12.6 million. The move comes some eight months after Phillips was itself acquired by private equity form Kohlberg & Co.
Ratos, a Swedish private equity investment firm, formed Medisize after acquiring first Medifiq Healthcare, previously a division in the Finnish company Perlos group, in 2006 and then buying Medisize Medical, a division within the Swiss group Medisize Holding, in 2008. The two were merged with the Medisize Medical purchase.
Phillips (Hudson, WI) says the acquisition will strengthen its fast-growing medical business by increasing its European footprint and broadening its manufacturing capabilities. Phillips Plastics has annual sales in excess of $250 million, with approximately 1500 employees....