Vistek Medical, an Ivyland, Bucks County-based maker of medical components, has been acquired by GemCity Engineering and Manufacturing, an Ohio-based manufacturer catering to the defense, technology and medical industries.
The purchase price was not disclosed. But the combined companies are projected to have sales of $50 million to $100 million, said Steven F. Kaplan, general partner of Riverside Partners L.L.C., a Boston-based private equity firm that is GemCity's majority owner.
Vistek, which has about 35 employees, makes mostly medical implants, such as the small screws and other devices that might be implanted during spinal or ortho surgery, he said. Annual revenues also weren't disclosed.
"We are delighted to add the specialized medical precision machining capabilities of Vistek to Gem's Manufacturing expertise," said Jim Whalen, Gem's CEO, said in a release. "Vistek's reputation for quality and its customer service orientation are a strong fit with Gem's culture."
GemCity Engineering and Manufacturing is based in Dayton, Ohio, whose nickname is the Gem City. The deal was closed in the middle of May, Kaplan said.
Gem said that Vistek founder Vince Visco would join the Gem executive ranks and continue to manage the Vistek operations.
Kaplan said the two companies have complementary product lines.
The acquiring company will continue to have its main operations in Dayton; it already had a site in Thailand. Ivyland will be the company's third location. - Roslyn Rudolph