Los Angeles-based private equity firm Vance Street Capital has created Fermitax Vascular Technologies in Wall Township.
The new company is a spinoff of W.L. Gore and Associates in Wall Township. It was originally known as Adam Spence Corp., which designs and manufactures high pressure braided tubing and extrusions, and assembly/molding for the medical industry. These products are used in the cardiovascular device market. It will consists of two manufacturing plants and employ roughly 50 people.
The Vance Street team that oversaw the acquisition is led by Mike Janish, a partner at Vance Street, and John LeRosen, a principal. The duo previously worked as the CEO and chief financial officer of Avalon Laboratories, a manufacturer of highly specialized catheters and medical tubing products for cardiology, pulmonology and related applications.
“Fermatex provides an exciting platform for growth and enables us to partner with a strong team with world class capabilities in the manufacturing of complex medical catheter components,” Janish said in a press release. “This latest acquisition will enable us to leverage Vance Street’s considerable expertise and relationships and create a world-class catheter engineering and manufacturing company.”
“The Vance Street team was a strong partner throughout the course of this transaction and clearly demonstrated their experience in managing highly technical medical device businesses. We believe their team will continue to build on Gore’s strong performance, and will position Fermatex and its employees for future success,” David Lane, Business Leader at W. L. Gore & Associates, said.
Paul Hastings LLP acted as legal advisor to Vance Street Capital. PricewaterhouseCoopers Corporate Finance Global Network and Greenberg Traurig LLP served as financial and legal advisors, respectively, to Gore.