Vance Street Capital LLC is acquiring the cardiovascular manufacturing tools business from W.L. Gore & Associates Inc. As part of the deal, the Los Angeles-based PE firm will form a new platform company, known as Fermatex Vascular Technologies LLC.

Fermatex Vascular will operate from the two manufacturing facilities that Vance Street is buying from Gore. The Wall Township, New Jersey-based operation designs braided tubing, extrusions, and moldings used in the cardiovascular device market and medical industry.

Vance Street Capital is a private equity firm that backs middle-market businesses in the medical, aerospace, defense and industrial sectors. Fermatex Vascular is the fourth investment from Vance Street’s second private equity fund. The PE firm also acquired A&E Medical in February 2016 from the same fund. Vance Street-backed A&E Medical bought RTI Surgical’s cardiothoracic closure business in August.

“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,” states Vance Street partner Mike Janish. “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.”

Founded in 1958, Gore manufactures a variety of electronics, fabrics, industrial, medical and consumer products. Headquartered in Newark, Delaware, Gore makes products derived from resins and fluoropolymers. The seller has manufacturing facilities in the U.S., Germany, the U.K., Japan, and China.

Demand for more personalized treatment options, an increasing aging population, and a constant change in healthcare technology has kept medical device manufacturers busy.Recent deals include: Arlington Capital-backed Avalign Technologies’ acquisition of medical device distributors Thortex and Millennium Surgical.; Boston Scientific’s (NYSE: BSX) deal to buy heart valve replacement maker Symetis; Teleflex Inc.’s purchase of Vascular Solutions Inc. for $1 billion; and Medtronic plc’s (NYSE: MDT) acquiring of HeartWare International Inc.for nearly $1.1 billion. GTCR also launched a platform company to fund medical device deals.

Paul Hastings LLP is acting as legal adviser to Vance Street Capital. PricewaterhouseCoopers Corporate Finance Global Network is serving as financial adviser to Gore, while Greenberg Traurig LLP is acting as legal adviser.

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