Waterford, Ireland-based Schivo Medical, an original equipment manufacturer (OEM) contract manufacturing partner, has acquired Plainview, New York-based Supreme Screw Products Inc. (SSP).
OTW spoke with a company representative about the acquisition and what initially led Schivo to SSP. Schivo told OTW that SSP “represents the perfect partner for Schivo. Since their founding in 1963, SSP has earned a reputation as a leading supplier of precision machining, laser processing, and assembly services for the medical device market. This has been achieved through a culture of customer service and innate focus on providing innovative manufacturing solutions to complex engineering challenges.”
During the past decade SSP has been focused on expansion, adding new machines and computer measuring equipment. Additionally, SSP recently invested in a state of the art 30,000 square foot facility. SSP’s expanded capabilities will complement Schivo.
Schivo explained to OTW, “SSP will complement Schivo’s capabilities for minimally invasive surgery and life sciences markets through the addition of micro-machining, laser processing and assembly technologies.”
Schivo continued, “The addition of SSP’s two manufacturing facilities in Plainview, New York, significantly strengthens Schivo’s manufacturing and development footprint in the U.S. With SSP joining the Schivo portfolio, our customers will benefit from working with a single proven partner, offering a wider set of solutions, capable of serving their needs both globally and locally.”
Schivo engaged Kinsella Group to execute the acquisition. Kinsella Group provides MedTech expertise with “significant focused experience representing contract manufacturers, OEMs and investors in acquisition, sale and recapitalization transactions.” While SSP was not actively for sale, Kinsella Group pursued SSP because SSP “complemented and enhanced” Schivo’s global position.
Schivo acquired 100% of SSP and paid cash at closing. Its valuation was not disclosed. According to Kinsella Group, “SSP’s management team will remain to continue executing SSP’s growth strategy.” This includes SSP President and CEO Misha Migdal.
Migdal commented in part, “The SSP team and I look forward to joining Schivo. This union expands our ability to provide sophisticated precision components and assemblies to innovative medical OEMs around the world.”
