Two Minnesota manufacturers that make medical devices and components for other companies are teaming up to control more steps in the medical technology supply chain.
Altaris Capital Partners, a New York-based private equity firm, is combining its Minnetronix Medical and Minnesota-based Intricon companies to create Forj Medical, offering systems design, investment casting, microelectronics and advanced manufacturing services. Jeremy Maniak, former CEO of Minnetronix, will lead the new company as general manager.
“Both companies were in a good position – good customer base, good growth prospects, good financial situation – and so the time was really right to move up a gear,” Maniak said.
The companies have not released any financial terms of the merger.
The new company, headquartered in Arden Hills, employs more than 900 workers spread across six locations in the United States, Indonesia, Singapore and Costa Rica. The company does not plan or expect any restructuring or downsizing, Maniak said. Much of the teams and capabilities of the two companies do not overlap but rather are complementary, he added.
“What they’ve done in terms of capabilities, what we’ve done in terms of capabilities, we’re going to continue to do,” Maniak said.
The merger comes as tariffs continue to disrupt the medical device supply chain, with more potentially to come. Large device companies rely on contract design and manufacturing companies like Forj for stable manufacturing services, which have increased in recent years. becoming more difficult following pandemic-related supply chain issues and now additional import taxes.
Maniak described the business climate as unstable for these manufacturers.
