Two Minnesota manufacturers making medical devices and components for other companies are combining to command more stages of the medtech supply chain.
Altaris Capital Partners, a New York-based private equity firm, is combining its Minnesota companies Minnetronix Medical and Intricon to create Forj Medical, offering system design, precision molding, microelectronics and advanced manufacturing services. Jeremy Maniak, who was CEO of Minnetronix, will helm the new firm as chief executive.
“Both businesses were in a good place — good customer bases, good growth prospects, doing well financially — and so the time really felt like it was right to find the next gear,” Maniak said.
The companies did not release any financial terms of the merger.
The new firm, headquartered in Arden Hills, employs more than 900 workers spread across six facilities in the United States, Indonesia, Singapore and Costa Rica. The company isn’t planning or expecting any restructuring and workforce reductions, Maniak said. A lot of the teams and capabilities of the two companies are not overlapping but rather complementary, he added.
“What they did capabilities-wise, what we did capabilities-wise, we’re going to keep doing,” Maniak said.
The merger comes as tariffs continue to roil the medical device supply chain, with more potentially on the way. Large device firms rely on contract design and manufacturing companies such as Forj for stable manufacturing services, which in recent years have become more difficult following pandemic-related supply chain issues and now the extra import taxes.
Maniak described the business atmosphere as volatile for these manufacturers.
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