Los Angeles PE firm backs Fruitport custom manufacturer with new capital investment
A Los Angeles-based private equity fund has made another capital investment in Motion Dynamics Corp. in Fruitport.
The investment from a fund operated by Vance Street Capital LLC was the latest for Motion Dynamics, a manufacturer of custom micro springs, medical coils and wire components with fine tolerances, primarily for the medical device, industrial and aerospace industries.
Terms of the deal were undisclosed, though Vance Street Capital said in an announcement that a second single-asset continuation fund that made the investment was oversubscribed and capitalized with commitments from new and existing limited partners.
Vance Street Capital first invested in the 30-year-old Motion Dynamics in September 2016. The company has since doubled its production footprint, expanded manufacturing capabilities and pursued strategic mergers and acquisitions.
“We originally partnered with Vance Street due to their experience working with entrepreneurs and their long track record of supporting high-precision manufacturing businesses. Throughout their investment period, Vance Street has been a supportive partner and we look forward to continuing to collaborate with the team to capitalize on the strong foundation we have built to further the company’s growth,” Motion Dynamics founder and President Chris Witham said in a statement.
Vance Street partnered with Apogem Capital as the lead investor on the investment. Apogem Capital is a wholly owned subsidiary of New York Life Insurance Co. with $37 billion in assets under management.
Vedder Price LLP and Kirkland & Ellis LLP served as legal advisors to Motion Dynamics and Vance Street Capital. Debt financing was provided by Apogem Capital, BMO Capital Markets and Northwestern Mutual.
“Motion Dynamics was an outstanding investment for Fund II, and we are excited that Chris and the rest of the Motion Dynamics team chose to partner with Vance Street again. We remain aligned in our objectives on how to pursue growth, add additional capabilities and continue to build upon this leading MedTech platform,” Vance Street Managing Partner Brian Martin said in a statement.
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