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Press release content from PR Newswire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from PR Newswire
Press release content from PR Newswire. The AP news staff was not involved in its creation.

ACON Exits iiMED Medical Solutions and Completes Full Exit of its IIMAK Investment

January 12, 2022 GMT

WASHINGTON, Jan. 12, 2022 /PRNewswire/ -- ACON Investments, L.L.C. and its affiliates (“ACON”) announced today that it has completed the sale of its equity interests in iiMED Medical Solutions, L.L.C. (“iiMED” or the “Company”) to TEAM Technologies, Inc. (“TEAM”). TEAM is backed by affiliates of Clearlake Capital Group, L.P. Terms of the transaction were not disclosed.

Headquartered in Amherst, New York, with manufacturing facilities in Mexico, iiMED is a nearshore specialty manufacturer of Class I and Class II consumable medical devices. The Company’s target end-markets include patient monitoring, wound care, and compression therapy devices with core capabilities of flame lamination, converting, sewing and clean room assembly.

During ACON’s three-year ownership, iiMED had strong performance and grew approximately 25% year-over-year. “This investment is a great example of ACON’s deep industry expertise and nimbleness, which allowed us to unlock value through a unique carve out strategy,” said Anjali Jolly, a Partner of ACON. “This exit validates our thesis of the strong tailwinds in the medical specialty manufacturing space that are increasingly driven by OEM interest in nearshore partners,” added John Roush, advisor to ACON and Chairman of iiMED’s Board.

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Together with ACON’s sale of IIMAK’s industrial business on September 30, 2021, ACON has successfully exited its investment entirely.

“ACON’s experience and resources were instrumental in fueling iiMED’s accelerated organic growth over the past three years. Our partnership with ACON was highly collaborative and critical to our success. We are excited to partner with TEAM to further build upon our exciting growth trajectory,” said Bill Flaherty, CEO of iiMED.

TEAM is a growth-oriented North American engineering solutions and specialty manufacturer serving healthcare end-markets. “We are excited to welcome iiMED to the TEAM family as we continue expanding our specialty healthcare manufacturing capabilities,” said Marshall White, President and CEO of TEAM. “The acquisition of iiMED enables us to continue to scale our platform and enhance our portfolio of solutions to serve our OEM customers. We look forward to working with iiMED’s talented employees to grow our combined businesses.”

About ACON Investments
ACON Investments, L.L.C. is a Washington, DC-based international private equity investment firm that manages private equity funds and special purpose partnerships that make investments in the United States, Latin America and Europe. Founded in 1996, ACON has responsibility for managing approximately $6.2 billion of capital. ACON has professionals in Washington, DC, Los Angeles, Mexico City, Madrid, São Paulo and Bogotá. For more information, visit www.aconinvestments.com.

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About iiMED
Founded in 2003, iiMED is headquartered in Amherst, New York, and has more than 1,000 team members that service a global customer base. iiMED provides medical device OEMs with world-class manufacturing services for Class I and II consumable medical devices. The Company provides logistical advantages and cost savings because its nearshore location, just across the US border in Mexico, offers lower labor costs than domestic manufacturers, convenient access, and domestic shipping. For more information, visit www.iimed.com.

About TEAM
Headquartered in Morristown, TN with 14 facilities throughout the United States, TEAM Technologies is an innovative solutions provider supporting the foremost global healthcare products companies. With its ‘ONE TEAM, MANY TECHNOLOGIES’ philosophy, TEAM boasts an extensive lineup of manufacturing and design processes tailored to provide advanced solutions in medical, oral & dental care, infection prevention and control, and other healthcare use cases. With an entrepreneurial mindset and a management team with deep industry experience, TEAM Technologies leverages seamless, turnkey processes and innovation to positively impact the success of TEAM’s customer partners. For more information, visit www.teamtech.com.

CONTACTS:
For ACON
Meena Thever
ACON Investments, L.L.C.
mthever@aconinvestments.com
(202) 454-1100

For TEAM
Jennifer Hurson
Lambert & Co.
jhurson@lambert.com
(845) 507-0571

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SOURCE ACON Investments, L.L.C.