Utitec Holdings Inc. is the leader in its field of manufacturing precision metal components used primarily in the assembly of cardiological, endoscopic and orthopaedic medical instruments. The company employs unique stamping processes to produce miniature parts. It has significant European sales and a strong US client base of global medical and electronic device suppliers. The Utitec management team will be led by executive chairman Carl Contadini, the CEO of a previous Harwood Private Equity investment.
Commenting on the acquisition, Geoffrey Gorman of Harwood Private Equity, who led the transaction and who will join the board of Utitec, said:
“We are very pleased to have acquired Utitec. We see a very clear opportunity to enhance production efficiencies, tool new products, recover the company’s position in the non-medical sector, and possibly grow through acquisition. We are enthusiastic about the potential.”