Resonetics, an engineering, product development, prototyping and manufacturing services company backed by Carlyle and GTCR, has acquired Memry Corp. and SAES Smart Materials Inc. from SAES Getters SpA, Milan, Italy.
The Memry business looks to add electric discharge machining capabilities, as well as additional laser processing, centerless grinding, nitinol tubing, sheet and wire fabrication to Resonetics’ capabilities. The SAES Smart Materials business creates the nitinol raw material from nickel and titanium raw material and converts it into various form factors. The transaction is valued at $900 million. Both acquired businesses are based in the U.S. with operations in Bethel, Conn., New Hartford, N.Y. and Menlo Park, Calif.
“Upon completion of the deal, Resonetics will have the supply and scale to better address the growing customer needs for nitinol material, components, and implants. We will continue to provide a high level of service to all our customers, including contract manufacturers who serve the medical device industry,” states Tom Burns, president and CEO of Resonetics. “We look forward to offering customers enhanced options and products as a result of this transaction, and to working with the 550 employees at SAES Medical Nitinol that will be joining our team once the acquisition closes.”
Mediobanca SpA acted as financial advisor to Resonetics.